The teenager limped off the pitch during the goalless draw at Leeds on Sunday and he has not travelled to Molde for Thursday’s Europa League match.
There had been fears Saka had suffered a bad injury, but Arsenal have confirmed the winger is out with a dead leg.
The England international will now miss Thursday’s match in Norway, however he is available to face Wolves in the Premier League on Sunday at Emirates Stadium.
That is a huge boost to manager Mikel Arteta, with Saka being one of Arsenal’s best players so far this season.
Fellow winger Willian could also be fit to face Wolves on Sunday, but he is a doubt with a calf issue.
The Brazilian will miss the game in Molde, as will Mohamed Elneny and Sead Kolasinac - who are still recovering after testing positive for Covid-19.