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.
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."
Manager Roberto Mancini said last week he hoped Lescott would be fit to play at the Emirates Stadium.
During his absence City have lost at Swansea and been held to frustrating draws by Stoke and Sunderland to concede their advantage in the title race.
Uncertainty remains over the fitness of striker Sergio Aguero.
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.