Arnautovic has been a striker for the Hammers and had supplied three goals and four assists in his four appearances before injury struck.
The Austrian has lost almost 600,000 FPL owners since his injury, more than four-fifths of his ownership, but he could be back for a vital spell of five home matches in the next eight Gameweeks.
Mauricio Pochettino has a selection headache for the north London derby with Arsenal at Wembley Stadium.
The Tottenham Hotspur manager's centre-back Toby Alderweireld (£5.8m) returned from injury with 90 minutes in Wednesday’s FA Cup win over Newport County, guiding Spurs to a fourth successive home clean sheet in all competitions.
Sidelined since Gameweek 10 with a hamstring problem, Alderweireld gives Pochettino the option to switch from a 4-2-3-1 to a three-man defence with wing-backs.
Alternatively, Davinson Sanchez (£6.0m) could make way for the Belgian.
The leaders travel to Basel in the first leg of their UEFA Champions League tie on Tuesday evening, so Guardiola could choose to make changes at the back this weekend.
Nicolas Otamendi (£6.5m) has started the last 14 matches in all competitions. But with Aymeric Laporte (£5.5m) and Vincent Kompany (£5.8m) also available, the 31.3%-owned Argentinian could be rested for midweek.
Riyad Mahrez (£8.6m) has returned to training for the Foxes, which may stem his sales.
After being deemed unavailable for the previous two matches, the Algerian was the most-sold player in Gameweeks 26 and 27, losing almost 500,000 owners.
But his return and upcoming schedule give Mahrez the chance to resume an impressive run of form.
He scored a goal or assist in nine of his last 11 appearances before his absence for Gameweek 25.
After this weekend, five of his next six matches score only two in the Fixture Difficulty Rankings (FDR).
No update to his condition was forthcoming at Antonio Conte's press conference on Friday as those FPL managers who have kept him fret over his chances of playing.
Alonso has 43 FPL points from his last five matches at Stamford Bridge and scored 14 points against the Baggies in the reverse fixture in Gameweek 12.