The centre back has been out since the defeat to West Ham on February 1 with bruising on his ankle bone. But he did play 90 minutes for the Reserves on Monday, his second full game in less than a week.
Reyes was last seen hobbling off in the 0-0 draw with Real Madrid on March 8. He has been struggling with a hamstring problem.
"We have the usual injuries," said Arsène Wenger in an exclusive interview with Arsenal TV Online on Thursday, "but we could have Sol Campbell and Jose Antonio Reyes back.
"I don't know yet whether they will play on Saturday or not but they are very close.
"Sol did a conscientious job [in the Reserves]. His movement was better, he is 90 per cent there to compete for a place in the team."
Arsenal TV Online subscribers can hear more about the injury
news on Friday morning when we publish our full video interview. In
it, Wenger also discusses the Charlton game, the form of Alexander
Hleb, the return of Ashley Cole and Gael Clichy, Harry
Redknapp's role at Portsmouth and the relegation fight.
Copyright 2016 The Arsenal Football Club plc. Permission to use quotations from this article is granted subject to appropriate credit being given to www.arsenal.com as the source