Koscielny collided with Franck Ribery during a training session with France and it was feared the centre-back had sustained significant damage.
However, he has now been passed fit to play in Friday's friendly against Japan, much to the relief of Arsenal.
A club statement read: "After receiving a knock on his right knee at the end of the training session in Clairefontaine on Wednesday afternoon, Laurent Koscielny passed a very reassuring medical exam in the evening.
"The defender will take part in training on Thursday at 6.30pm at the Stade de France after the manager and captain’s press conference."
Koscielny has won four caps for France and will hope to feature against Japan, as well as in Tuesday's crucial World Cup qualifier against Spain.