The defender suffered a serious knee injury back in August when making his Premier League debut for the Gunners against Nottingham Forest.
Timber, who joined Arsenal in the summer from Ajax for around £35million, underwent surgery and has been out of action ever since.
However, the 22-year-old has now begun working on the grass and did some basic passing drills last week during Arsenal’s warm-weather training camp in Dubai.
It has raised hope that Timber may return this season and give Arsenal a boost during the run-in.
“There is a possibility, but at the moment he’s still very far from competing,” said Arteta, when quizzed on Timber’s potential comeback.
“That’s the realistic picture of it. Are we hopeful that he could have a realistic impact before the end of the season?
“If everything goes well, it looks like that might happen. At the moment though it’s too early to make that call.”
“It was great. It was a phenomenal camp in every sense,” said Arteta.
“We worked really hard on the things we wanted to do. We recharged our batteries and the context of the environment in the beautiful weather helps.
“The togetherness and moments we shared together were great, so yeah we're fully recharged.
“It gave us an opportunity as well to look at things with a bit of perspective and to analyse what we've been doing.”