Ovechkin has missed the past three games with what has been described vaguely as a nagging injury, something he says that has been bothering him for months.
Arnott has missed the past six games with a lower-body injury.
Both players skated with the team Tuesday morning, and coach Bruce Boudreau met with team trainers afterward to get more information on their readiness.
Ovechkin also skated Monday and said of his injury: "I was skating over there, like, to see if it bothered me on the ice. It's not bothering me."
The Capitals are 8-2 in their past 10 games, and just finished a 4-2 road trip. They are second in the Eastern Conference, just two points behind the Philadelphia Flyers.
Scott Burnside covers the NHL for ESPN.com. Information from The Associated Press was used in this report.