Gibbs has a knee problem while Walcott has a short-term calf complaint.
He said: "I don’t think Kieran Gibbs will be available. Apart from that Mustafi is fit again and we have one or two uncertainties.
"A few with flu but everybody else should be available.
"Gibbs has a knee problem and Walcott has a calf problem, short term, I don’t think he will available this week."
The good news coming out of the Emirates is that Shkodran Mustafi should be fit to return for the Gunners.
Arsenal will be looking to close the gap on Chelsea and Liverpool above them as we move into the second half of the season.
He said: “Welbeck is fit and sharp. He is in training and he looks quite good.”
The Gunners welcome Crystal Palace to the Emirates on New Year's Day at 4pm.
Source: http://www.dailystar.co.uk