The Spanish playmaker is still struggling with the rib injury which counted him out of Sunday's FA Cup 1-1 draw with Liverpool and he could miss his first league game of the season.
However, it is not all bad news for Everton as Belgian midfielder Marouane Fellaini is eligible to play after serving the two-match ban he received for picking up 10 bookings this term.
The Gunners may be off the pace in the Premier League this season but Moyes has warned they are still capable of punishing his side.
He said: "I think people think that [they are in decline] because you normally see Arsenal in the top one or two and right on the tails of the top teams. I think people are thinking they are not as close as they were in the past.
"But I think Arsene Wenger is still thinking about winning the Premier League and he thinks they still have a chance so it is still a very strong Arsenal team.
"They have talented individuals and we don't need to remind our players of that and how good Arsenal can be.
"On their day and given time and space they can be very fluent and open you up."
Everton sit five points behind Arsenal but Moyes has urged his side to keep "attacking'' the clubs above them in the hope of a place in the top four and Champions League football.
And the former Preston manager does not want his players worrying about anyone's performances but their own.
He added: "We have not thought about anything else but us.
"I have said before that we would like to be in the top six if we can but we are certainly not going to give up attacking the ones above us.
"It will be hard with the form of the teams above us but we will keep going.
"There is always a chance to pip somebody so we will try and catch Arsenal and Aston Villa and whoever else there may be, but we will have to go on a very good run to do that."
Arsenal will have full-back Gael Clichy available following a one-match ban.
Goalkeeper Manuel Almunia is set to be restored to the side after sitting out the FA Cup fourth-round tie at Cardiff, while fit-again centre-back William Gallas is pressing for a place in the starting XI.
Mikael Silvestre (thigh) is still out, while striker Eduardo continues to build up his match-fitness. Theo Walcott (shoulder), captain Cesc Fabregas (knee) and Tomas Rosicky (hamstring tendon) remain sidelined.
Wenger declared the on-going Andrei Arshavin transfer saga was "of little interest'' as he focuses on getting the best out of his current Arsenal squad ahead of the trip.
While Wenger remains keen on signing the Russia international, suggestions from Zenit St Petersburg that a deal is imminent were today rebuffed by the Gunners boss.
"It is not true a fee has been agreed. We are not close to concluding any transfer; Arshavin or anybody else. At the moment it is all quiet,'' Wenger said.
"For me, it is of little interest. I can understand that when the transfer window is open, it makes headlines.
"I like quality football, and for me that is more important than having one more player here.''
Wenger added: "Time is getting short and at the moment I am more focused to win the game.
"We know we are in front of a big game and the most important thing is to focus on that.
"For me, it is not a distraction because what is important is the team continues to focus on the championship, the FA Cup and the Champions League.''
The Gunners boss believes such continued speculation has taken the attention away somewhat from his team's improvement in recent weeks.
Arsenal head to Goodison Park three points behind fourth-placed Aston Villa, yet only two wins away from overtaking leaders Manchester United, who do still hold a game in hand.
"I feel it has overshadowed things, yes, but let's be quiet, focused and continue on,'' said Wenger, whose side must face Cardiff again in a fourth-round replay next week at Emirates Stadium following Sunday's goalless draw in Wales.
"We are in a strong position in the Premier League, the Champions League and the FA Cup - so let's take advantage of that and let people talk.
"Our job is to focus on what we want to achieve.
"We got fair criticism this year, but we have overcome that and we are now hungrier than ever.
"It is a good opportunity to show that Wednesday."
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