Hill-Wood, 76, had suffered pneumonia and was taken to hospital, after complaining he was feeling unwell.
“Everyone at Arsenal Football Club sends their support and best wishes to Chairman Peter Hill-Wood who is recovering after suffering a heart attack, following a bout of pneumonia,” an official club statement read.
“Peter was taken ill at home on Friday and is currently being treated in hospital. He is making a good recovery.
“The Club wishes Peter a full and speedy return to health and our thoughts are with him and his family at this time.’
Hill-Wood has been chairman of the club since 1982, and is a former vice-chairman of the Hambros Bank.
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