The 29-year-old has missed the club's last five games after suffering a groin injury in the Europa League defeat at Sporting Lisbon last month.
Manager Roberto Mancini said last week he hoped Lescott would be fit to play at the Emirates Stadium and the player confirmed on Tuesday he is close to a return.
Lescott tweeted: "I'm defo fit now been back training for 4/5 days now, so I will be available for selection on the weekend."
During Lescott's absence City have lost at Swansea and been held to frustrating draws by Stoke and Sunderland to concede their advantage in the title race.
They now trail rivals Manchester United by five points with just seven games remaining - a deficit that could be eight points by the time they kick off at Arsenal.
Uncertainty remains over the fitness of striker Sergio Aguero.
Aguero has missed the last two games with a mystery foot injury which Mancini has conceded was exacerbated by the use of a treatment spray.
Mancini said last weekend he hoped the Argentinian would be available at Arsenal but was unsure while Samir Nasri could also return against his old club.
Meanwhile, Porto have been fined 20,000 euros (£16,700) for the racist abuse of their supporters during February's Europa League tie against Manchester City, UEFA have confirmed.