Bellerin was substituted early in the first half of Arsenal's 3-1 defeat to Chelsea at the weekend after suffering a blow to the head.
The 21-year-old received the all-clear from an MRI scan assessing his injury.
FA rules state that a player cannot play again within 14 days of sustaining concussion but the final decisions rests with club doctors.
Hector Bellerin could make a return to the line-up against Arsenal
Hector Bellerin suffered a blow to the head in the match against Chelsea that required an MRI scan
And Arsenal have given an update on Bellerin's current state.
"Our Spanish right back is now in the final stages of the FA return to play protocol for concussion," a statement said on Arsenal's official website.
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"He has had daily assessments and successfully completed each step of the graded progression so far.
"Hector will be further assessed on Thursday and Friday, prior to a final decision being made regarding his availability for full training and Saturday’s home match against Hull City."