The Gunners duo have been sharing their fitness regime on social media and were pictured being put through their paces on the club's cycling bikes.
The England stars are both expected to miss the rest of this season after sustaining serious injuries towards the back end of last year.
Holding, 23, ruptured his anterior cruciate ligaments during the Gunners’ 2-2 draw with Manchester United on 5 December.
At the time, the club announced that rehabilitation from surgery was expected to take between six and nine months, ruling him out of the rest of this season.
Welbeck, meanwhile, has been out of action since breaking his ankle during a Europa League tie against Sporting Lisbon in November.
The forward underwent two operations on his foot but is not expected to feature for Arsenal at all before his contract expires at the Emirates this summer.
The North London club are yet to offer him an extension but Turkish club Galatasaray are reported to be keen on the signing the 28-year-old.
Unlike his teammate, Holding had been performing well and established himself in the first team under Unai Emery prior to his horror injury.
Arsenal are also without Hector Bellerin at the back this season after the full-back was stretched off the field during the Gunners 2-0 win over Chelsea with knee ligament damage.
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