Bellingham, 22, has missed 10 matches after sustaining the injury in February. Mbappe, 27, made his return as a second-half substitute in Real's 2-1 Champions League round-of-16 second-leg victory at Manchester City on Tuesday.
"Bellingham's available now; he'll be in the squad tomorrow. We'll see if he plays - I think he will. I'm really looking forward to seeing him on the pitch," Arbeloa told reporters ahead of the clash at the Bernabeu.
Second-placed Real are four points behind Barcelona after 28 matches, while Atletico are fourth.
Asked whether Mbappe, LaLiga's leading scorer this season with 23 goals, had fully recovered from a left knee sprain or was still managing discomfort because the team needed him, Arbeloa was unequivocal.
"The day he returns, it's because he's 100%. The minutes we saw him play in Manchester, I think every single action showed he's in great shape," he said.
"Above all, it's about how he feels - that's what matters in the end. How he felt and how he's feeling in training. Maximum confidence, maximum assurance and maximum excitement to have such a game-changing player back."
Bellingham was named on Friday in England manager Thomas Tuchel's 35-man squad for this month's friendlies against Uruguay and Japan as preparations continue for the World Cup.
Mbappe was included in France's squad for friendlies against Brazil and Colombia.
"They're incredibly important players for me, but they're just as important for their national team managers, especially with the World Cup coming up," Arbeloa said.
"I've been lucky enough to represent my country and I know what it feels like - the pride and the responsibility that comes with it. I understand the situation perfectly, so no, there's no problem at all."