The former Ajax protege memorably suffered a crushing ACL injury on the opening weekend of the 2023-24 Premier League season, which he took nine months to recover from.
After building his fitness back up with the Under-21s, Timber made his senior comeback against Everton in the final weekend of the campaign and was involved at the start of Arsenal's pre-season.
However, the versatile defender did not play against Liverpool, Bayer Leverkusen or Lyon due to a foot problem, although he was spotted back in full training with his teammates earlier this week.
Speaking to the media in his pre-game press conference, Arteta confirmed that Timber was on track to be fit for the visit of Gary O'Neil's side, saying: "Jurrien will be in the squad tomorrow.
Arteta delivers updates on four injured Arsenal players
"Obviously he had a really tough period but he used it in a great way I think because he's managed to get a lot of things done and improved in many areas except playing. He found it really helpful I think and now he's ready and he has a chance."
As well as Timber, Arteta is also optimistic that attacker Fabio Vieira will be back from a minor hip problem in time for the showdown, adding: "We will check him now after training to see how he is but he looked to adapt to it."
The Gunners have not picked up any fresh woes since the Emirates Cup win over Lyon, but full-backs Takehiro Tomiyasu (knee) and Kieran Tierney (hamstring) remain on the sidelines.
"Yes, they will be a few weeks," Arteta said on the defensive duo. "Everyone else is fine. We are really excited. We've been missing the competition for many weeks, it's too long for us. We are so willing to start and so enthusiastic about it."
The visit of Wolves could see new signing Riccardo Calafiori make his competitive debut following his £42m switch from Bologna, but Arteta was instead questioned on the potential arrival of a new midfielder before the opening weekend.
Arteta coy on Mikel Merino transfer talk
The Gunners are reportedly fighting tooth and nail to sign Real Sociedad and Spain lynchpin Mikel Merino, but Arteta was typically coy on the links with the 28-year-old, who boasts previous Premier League experience with Newcastle United.
After being asked whether "Mikel likes Mikel", a smiling Arteta responded "Do I like myself?!" before responding with: "You know that I cannot talk about any other players.
"I said after last season that we had two objectives, the main one and the most important one is to make sure that we are still very much in love with our players and find ways to improve them, and that is the main thing. Then if there are certain opportunities in the market, to improve the squad - certainly we have to look at that. That's what we will be trying to do."
The Arsenal head coach also confirmed that more players could be sold before the window closes, adding: "The market is open so things can happen, so that's always a possibility."
Arsenal are out to achieve their seventh straight win over Wolves on Saturday, while defender William Saliba could break a club record if the Gunners emerge victorious.