The England international has missed the Gunners' last six matches with a hamstring injury but, provided he suffers no complications, is likely to feature in the north London derby.
Welbeck picked up a hamstring strain in the 2-1 defeat against Watford in October, which was his first game back in action since recovering from a groin injury.
However, Olivier Giroud is a major doubt for the visit of Spurs after he picked up a thigh strain in France's win over Wales during the international break.
Arsenal are four points behind their north London rivals heading into the highly-anticipated clash at the Emirates.
Welbeck was among several first-team players – who were not called up to their national teams for various reasons – that took part in full training at Arsenal's Colney base on 14 November.
With Chile not in action during the international break, Alexis Sanchez was involved in the session, along with Petr Cech, Nacho Monreal, Hector Bellerin and Jack Wilshere.
Wilshere said in an interview with Arsenal Magazine that he was relishing being fit and looking forward to helping his teammates in any way he can.
"I think I've changed, I've grown up. I've got a wife, two kids and I'm getting older now," the midfielder said.
"As you get older, you appreciate what you've got and your game time, your minutes and that you're fit. Not just fit and playing, because I'm fit at the minute, and I'm not necessarily playing but I'm happy and I'm available for selection and that's all you can ask for.
"There are going to be times in your career when you're injured, you're going to miss out on things and you have to use those moments and those hours in the gym as motivation for when you're back to want to stay there."