Injury-prone Diaby last featured with Les Bleus in a friendly against Poland in June last year and missed the European Championship because of a calf injury.
The 26-year-old, regarded for years as one of the best French midfielders, has won 15 caps.
"There always will be questions about his physical fragility but he prepared well, he played 90 minutes [for Arsenal] last weekend. He is on the right path," Deschamps told a news conference.
"His potential is huge. He is a very interesting player. He's also 26, more mature, which is crucial for a midfielder."
"His suspension is over, this is ancient history. I am only interested in the future and he can be part of it. It is up to him to understand what he can do and cannot," Deschamps said.
Deschamps, who replaced Laurent Blanc, in July, left out Newcastle forward Hatem Ben Arfa, who received a warning when he was summoned to a disciplinary hearing along with Menez, Manchester City's Samir Nasri and Stade Rennes' Yann M'Vila after the Euros.
"I am in a new position, I am not his everyday coach anymore. I know him, as a person and as a player. If I had no intention to call him someday, I would not include him in the provisional list," Deschamps said.
Nasri is serving a three-match ban for his conduct during Euro 2012, while M'Vila, who received a warning at the disciplinary hearing, was not selected.
