Hill-Wood, 76, was taken ill on Friday following a bout of pneumonia.
“Everyone at Arsenal Football Club sends their support and best wishes to chairman Peter Hill-Wood. Peter is making a good recovery,” said a club statement.
“The club wishes Peter a full and speedy return to health and our thoughts are with him and his family at this time.”
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Summer 2016 is set to be a very exciting time for football fans, as this is when the long awaited Euro 2016 tournament kicks off.
Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.