The Gunners winger sustained a hamstring injury while on international duty earlier this month and has missed the side's last two games, including Tuesday night's 1-0 Champions League win over Shakhtar Donetsk.
Without their star man Arsenal fell to a 2-0 defeat against Bournemouth, while their win over Shakhtar was anything but convincing, with the side clearly missing Saka's presence on the right wing.
Arteta revealed that Saka is yet to participate in training sessions meaning he is 'unlikely' to feature against the Reds this weekend.
'I don’t know [if Saka will be fit to face Liverpool]. He hasn’t been able to train yet so that’s unlikely.' He told Amazon Prime Sport after the win over Shakhtar.
Mikel Arteta revealed that the 23-year-old has not been able to participate in training sessions and is unlikely to be fit for the visit of Liverpool
The 23-year-old has been in blistering form this season and boasts a return of three goals and seven assists from his 10 matches in all competitions. Saka also enjoys a productive record against Liverpool, with three goals in his last four games against the Merseysiders.
Arsenal are already without their captain Martin Odegaard, who suffered an ankle injury while playing for Norway in September. Arteta has kept tight lipped on the progress of his skipper. Meanwhile, Jurrien Timber has been absent from each of the last two matchday squads.
One player the Gunners will certainly be without for the visit of Liverpool is William Saliba, who was dismissed in the first half of the side's loss against the Cherries last weekend.
The Gunners' mounting absentee list saw yet more additions during their Champions League win as Riccardo Calafiori was forced off with an apparent knee issue after slipping and falling awkwardly.
The Italian has quickly established himself as a favourite of the Arsenal boss and the manager admitted that the signs don't look good for the former Bologna man.
'[Calafiori] he felt something and could not continue playing so that’s a bit of a worry.' Arteta added.
Even with the season in it's early stages, the Gunners can ill-afford to suffer their second defeat in as many games when they face Arne Slot's side at the Emirates. Defeat would leave them seven points adrift of the Reds and potentially six behind Manchester City.
Arsenal have an additional 24 hours to prepare for the clash, with the Reds facing RB Leipzig in Germany on Wednesday night.