Given, 39, has started each round of the competition thus far, as well as three league games in recent weeks after his performances helped him reclaim Villa’s number one job from Brad Guzan earlier this month.
However, the Republic of Ireland international injured his groin in training before last Saturday’s 1-0 Premier League final-day defeat to Burnley, as Sherwood elected to give third-choice Jed Steer a run-out in his absence.
The Villa boss was concerned following the Clarets clash that his veteran stopper might not make it back in time to face Arsenal but he is now much more optimistic about his chances.
"Shay trained today so we're hopeful he'll be alright,” said Sherwood [h/t/ Sky Sports]. “But the nature of this club is you can't hold your breath.
"I've not yet made my decision on the goalkeeper. Come back tomorrow and I'll tell you then.”
Left-back Richardson has been sidelined for consecutive games with a calf problem, while Okore has been dealing with a knee complaint in recent weeks which has limited him to just one training session per week ahead of the cup final.
However, both now look set to make the weekend’s line-up, while Cissokho could be named among the substitutes.
"Kieran trained today, Cissokho is fit and Okore trained for the first time today,” added Sherwood. "If everyone's fit we could play the same team as the semi-finals."