The Gunners will be looking to build on their 1-0 victory over West Brom on Boxing Day, their first win in three Premier League games, when the Eagles head to Emirates Stadium.
Welbeck is yet to make a single appearance for Arsenal this season but will be hoping to play a part for Arsene Wenger's men in the new year.
It is Allardyce's first job since his ill-fated 67-day reign as England manager, a job he left by mutual consent after just one game in charge following a newspaper sting in which he talked about how to get around the Football Association's rules on third-party ownership.
"Alex looks like he could join in normal training on Saturday", Wenger added.
"Kieran Gibbs has a knee problem and Walcott has a calf problem short-term but will he be available or not?"
"I don't think Kieran Gibbs will be available, apart from that, Mustafi is fit and we have one or two uncertainties", Wenger stated during his pre-match media conference on Friday.
Police seize $360m in cocaine in Sydney Fish Market and Tahiti raids
This amount of cocaine seized in total has an estimated street value of approximately $360 million (£211.3), according to police. The authorities released video footage showing three men being arrested aboard a fishing boat and led away in handcuffs.
"On Wednesday he had a scan, but it just showed inflammation". Theo Walcott will still be short.
Le Prof did seem to indicate that Danny Welbeck could be ready to replace the winger in the squad though, as he also said: "Danny Welbeck is doing well in training, so we have plenty of options".
The Arsenal manager also gave an update on former Manchester United striker Danny Welbeck, who recently returned to full training after a lengthy absence.
Arsenal are now nine points behind league leaders Chelsea.
Wenger declined to go into any further detail on which players are suffering from illness.