Neither man was seen in training on Friday due to their respective injuries, but both were pictured at the team hotel on Saturday evening and have been cleared to start for the Gunners.
Saka wears the captain's armband on the right-hand side, while Timber will seemingly start at left-back due to the absence of Riccardo Calafiori, who misses out with the knee injury he picked up against Shakhtar Donetsk in the Champions League.
Ben White will ostensibly partner Gabriel Magalhaes at centre-back with William Saliba suspended, allowing Thomas Partey to take up right-back duties and Mikel Merino to partner Declan Rice in the centre of the park.
Liverpool head coach Arne Slot has also made a bold selection call for the trip to North London, as Curtis Jones - the match-winner against Chelsea last weekend - is given the nod over Dominik Szoboszlai.
Luis Diaz has also been recalled to the visitors' XI in place of Cody Gakpo, while Darwin Nunez holds the fort up front due to Diogo Jota's injury, and there is no space in the squad for Federico Chiesa.
Arsenal starting lineup: Raya; Partey, White, Gabriel, Timber; Trossard, Rice, Merino; Saka, Havertz, Martinelli
Subs: Neto, Nichols, Kiwior, Zinchenko, Lewis-Skelly, Jorginho, Nwaneri, Sterling, Jesus
Liverpool starting lineup: Kelleher; Alexander-Arnold, Konate, Van Dijk, Robertson; Gravenberch, Mac Allister; Salah, Jones, Diaz; Nunez
Subs: Jaros, Davies, Gomez, Endo, Szoboszlai, Gakpo, Tsimikas, Quansah, Morton