The 31-year-old has managed to recover sufficiently from a thigh injury that has seen him miss Chelsea’s last two games.
“Frank is fit, yes,” Ancelotti said. “He trained for the last two days and did very well. He is in good condition.
“He’s ready to play. I think that our physio and our doctor worked very well with him. He is a fantastic professional player.
“He stayed to improve his condition for a long time in Cobham. He stayed one hour with the doctor for treatment (in Serbia) and 80 hours – I don’t know – in Cobham here to work.
“But it is very important game because Arsenal are one of the most important teams in England and Europe.
“They’re playing very well. I like their style – they try to play and attack to create difficulties for the other teams.
“It will be a very good test for us. We want to put the best on the pitch against Arsenal. I think it will a fantastic match because both teams want to play football. All the fans will have a fantastic opportunity to see a good game.”