Neither man was available for the weekend's 2-0 Premier League defeat to Bournemouth, where the Gunners suffered their first loss of the season in painful circumstances.
Saka was pushing to be fit for the trip to the Vitality Stadium after hurting his hamstring while representing England over the international break, but the clash with the Cherries just came too soon for him.
Meanwhile, Arteta appeared to deny reports that Odegaard had suffered a major setback in his recovery from an ankle problem before the defeat, suggesting that his skipper could be back at some point before the November international period.
Speaking to journalists in Monday's pre-game press conference, Arteta confirmed that Odegaard was still on the road to recovery, and he could not offer any guarantees on Saka's fitness either.
Saka, Odegaard 'close' to Arsenal comebacks
"They are closer and they're both progressing really well. Martin is still not fit. With Bukayo, let's see how he feels today and the transition that we have later on," Arteta said.
The Gunners will definitely be missing Takehiro Tomiyasu (knee) and Kieran Tierney (hamstring) for the visit of the Ukrainian side too, while Jurrien Timber has also been missing with a muscular injury for the past few weeks.
Timber sustained the problem against Paris Saint-Germain on October 1, where he put in a terrific shift in the first half of that 2-0 victory before having to come off at the break.
Arteta revealed that the Dutchman was still yet to rejoin team training since sustaining that problem - which is not related to his serious knee injury from last season - but he is keeping his fingers crossed that he might be available.
"I think he's going to be close obviously. We have to see how he deals with training with the whole group because he hasn't done that yet but he will be pretty close hopefully," Arteta added.
Are Arsenal planning to appeal William Saliba red card?
Timber would be a natural option to replace William Saliba, who is set to serve a one-match suspension in Sunday's Premier League blockbuster against Liverpool after being sent off for a last-man foul in the Bournemouth defeat.
Saliba was initially only given a yellow card for bringing Evanilson down close to the centre circle, but Rob Jones upgraded his punishment after being sent to the pitchside monitor, and Arteta suggested after the game that the club would not be appealing his red card.
However, the Spaniard did not completely rule out that option when asked on Monday, saying: "I leave that more to the club to understand the circumstances and other examples that are very clear in the same position and they will have to decide it."
One day after Saliba's red card, Chelsea defender Tosin Adarabioyo was involved in a similar incident against Liverpool, bringing down Diogo Jota as he was about to race through on goal, but the Blues man was only given a booking.
While the closest Arsenal defender to Saliba - Ben White - was some way away when he fouled Evanilson, Tosin was being covered by Levi Colwill, which may have been a key factor in the Chelsea man escaping a sending-off.