The 22-year-old was unable to complete last weekend's 1-0 win over Manchester United after crashing into the advertising hoardings, but he was expected to be given the green light for Sunday's crunch clash.
However, despite claims that Saka was present with the rest of the squad, the winger is nowhere to be seen, with Arsenal explaining that the England international is absent due to a slight muscular problem.
Rather than go with a more natural right-wing option in Reiss Nelson or Fabio Vieira, Mikel Arteta has brought Gabriel Martinelli back into the attacking trident, which also comprises Leandro Trossard and Kai Havertz.
Martinelli is the only new inclusion in the Arsenal XI for the visit of the Toffees, as Thomas Partey is given the nod in midfield once more, while Takehiro Tomiyasu gets the nod on the left-hand side of defence.
Jurrien Timber makes Arsenal bench as Everton unchanged
While Saka is not present in the hosts' squad, Jurrien Timber is finally back on the bench nine months after his ACL injury and may now be in line for just a second Premier League appearance of the campaign.
Meanwhile, Everton boss Sean Dyche has gone with the same starting XI from last weekend's 1-0 triumph over Sheffield United, as Dominic Calvert-Lewin - a former Arsenal target - spearheads a 4-4-1-1 formation.
Abdoulaye Doucoure will operate just behind the Englishman, while all of James Garner, Amadou Onana and Idrissa Gueye take their places in a defence-heavy engine room.
Starting the day two points behind leaders Manchester City, albeit with a superior goal difference, Arsenal must prevail at the Emirates and hope for the champions to drop points if they are to dramatically pip Pep Guardiola's men to the title.
Meanwhile, Everton are safely marooned in 15th place in the table, but they could drop below Brentford into 16th should the Bees better their result against Newcastle United.
Arsenal: Raya; White, Saliba, Gabriel, Tomiyasu; Odegaard, Partey, Rice; Martinelli, Havertz, Trossard
Subs: Ramsdale, Timber, Zinchenko, Kiwior, Jorginho, Vieira, Smith Rowe, Jesus, Nketiah
Everton: Pickford; Coleman, Tarkowski, Branthwaite, Young; Garner, Onana, Gueye, McNeil; Doucoure; Calvert-Lewin
Subs: Virginia, Crellin, Keane, Beto, Godfrey, Chermiti, Warrington, Hunt, Dobbin