The tie heads to the Emirates Stadium level at 1-1 after last week's first leg in Madrid, leaving Arsenal needing a strong home performance to edge past the Spanish side.
Arteta confirmed the positive team news on the eve of the match, with both players recovering from recent injury issues and returning to full training in time to be included in the squad.
"Yeah (Odegaard and Havertz) are available, they're in the squad, both of them," Arteta said. "It's great because we need options. We need the capacity to play different games, from the start or after. It's really, really good news to have them both back."
Odegaard has had a stop-start season due to fitness problems, while Havertz is working his way back after a knee injury and further muscular setbacks that have limited his minutes in recent weeks.
Arsenal's attacking depth has also been boosted by the return of Bukayo Saka, who made an instant impact in Saturday's 3-0 win over Fulham, scoring and providing an assist in a sharp 45-minute display.
"It's great, that's what we need when we arrive at this stage of the competition," Arteta said. "For the players to not only be available, but to be in top condition to perform and make the difference."
Despite the encouraging team news, Arteta made it clear that mentality will be key as Arsenal attempt to take the final step.
"We will take to the pitch as beasts and enjoy the moment and go for it," he said. "I can't wait. I feel the energy among the team and our supporters. This is the moment that we want to live together.
"We have worked hard as a club and as a team after 20 years to be in this position again. And we are so hungry to get through to that final."
He added: "It is a feeling of huge excitement. It's difficult to express the desire to live that moment, especially with our people in front of us.
"They've been waiting for so long to have this kind of night. So let's push hard tomorrow, because something amazing is going to happen."
Atletico, meanwhile, are expected to be strengthened by the return of key figures including Julian Alvarez, Giuliano Simeone and Jose Gimenez, setting up a finely balanced encounter with a place in the final against either Paris Saint-Germain or Bayern Munich on the line.
Paris Saint-Germain head into a decisive night at the Allianz Arena determined to stay true to their attacking identity, with manager Luis Enrique insisting his side will attack Bayern Munich.
Arsenal are one match away from European glory after booking their place in the UEFA Champions League final for the first time in two decades, keeping alive hopes of a historic double.
Bayern Munich face a finely balanced task in their UEFA Champions League semi-final against Paris Saint-Germain after a dramatic first-leg defeat, but Thomas Muller is optimistic.
Arsenal manager Mikel Arteta heaped praise on his players performance in 3-0 victory over Fulham in the Premier League clash at Emirates Stadium on Saturday.
