Solskjaer has said that Alexis Sanchez will feature against his old club, while Luke Shaw is back in contention after a short spell on the sidelines with illness.
The 1999 semi-final has become part of United folklore, with Ryan Giggs scoring a memorable individual goal to win a replay at Villa Park as the club went on to win the treble of Champions League, Premier League and FA Cup.
Alexis Sanchez has struggled to make an impression at Manchester United (Martin Rickett/PA).
Given Man United's upturn in form and the long-awaited return of some of Arsenal's centre-backs, a January move for Bailly seems much less likely, especially considering the clubs are now level on points in the Premier League - Solskjaer will not want to strengthen a direct rival.
"For us, it's good because it's a very big test for us in this competition".
The impact of Ole Gunnar Solskjaer since taking over as the interim Manchester United manager should not be underestimated as he has got his team playing a brand of football that was unimaginable six months ago.
UK residents can watch Arsenal's clash with Manchester United live on BBC 1, channel 101 for both Sky and Virgin Media users. The midfielder revealed, "Since the first day he [Solskjaer] arrived the message has been very clear: this is Manchester United and you have to show that you are Manchester United players". Arsenal played extremely well in that system against Chelsea last week, running away with the game in the opening 20 minutes.
Butt added: "The dynamics have changed now because the two or three lads that were going to go out on loan are now being involved in the training camps, involved in training, on the bench, in the squad".
When asked if those reports are accurate, Solskjaer said: "I am not surprised if they did".
"I think everybody has got that buzz back again, and it's happening with everyone with a smile on their face".
United have lost only five games in just under 11 years against Arsenal in all competitions.