Arnason - who can play in central defence or midfield - has recovered from the chest infection which caused him to miss Tuesday's 3-1 defeat at Bristol City.
The 27-year-old has been ruled out since suffering a hamstring injury in the 1-0 home defeat by Nottingham Forest at the end of September.
Arnason trained on Thursday and as long as he suffers no reaction will be in the reckoning to play.
Striker Bradley Wright-Phillips (knee) is set to be sidelined for another week.
Sturrock recalled striker Ashley Barnes, on-loan Blackburn winger Alan Judge and midfielder Chris Clark on Tuesday in place of Rory Fallon, Darcy Blake and Jim Patterson and the trio will be hoping to retain their places.
Meanwhile, Ipswich manager Roy Keane is waiting on the fitness of forward Jon Walters ahead of the trip to Plymouth.
Walters came off late on during the 1-1 draw with Watford on Tuesday night which extended Town's winless start to the season to 13 games.
Walters is having treatment for a sprained ankle but could miss out, with Jon Stead and Tamas Priskin lined up to replace him in the starting line-up.
Keane is also without 16-year-old forward Connor Wickham, who will be away with the England Under-17 squad for the next fortnight.
Midfielder David Norris remains sidelined with his serious knee injury, while Argentinian winger Luciano Civelli is also yet to feature this season as he recovers from his knee ligament damage.
Alex Bruce is fit after a groin problem while former England goalkeeper Richard Wright will hope to make his way back into the matchday squad.
Sporting Life