MacDonald has been plagued by a foot injury in recent months, while Campbell has missed the last three weeks with a groin problem.
After coming close to a shock Scottish Cup exit at the hands of Turriff United last weekend, the Ton return to Irn-Bru First Division duty tomorrow afternoon against Raith Rovers as they bid to keep up the pressure at the top of the table.
Cappielow assistant manager Mark McNally said: "Archie did a bit of running, jogging really, yesterday, and we will assess him again today.
"The problem is he has not trained for a few weeks, but he is back on the road to recovery, which is encouraging.
"It would be a massive boost for us if we could get Archie back playing, he has had a great start to the season for us.
"Peter MacDonald is back training with us as well. He is back in with the rest of the squad and it is great to see him back in about it again. The two of them are big players for us.
"They are not anywhere near match fitness, Peaso especially, but it is a good sign that they are back training.
"It is good that there is light at the end of the tunnel for both of them.
"It would be great to get them back playing again."
Meanwhile, the Ton have announced reduced prices for their cup replay. Turriff travel to Cappielow on Tuesday night and supporters will be able to see the cup action for just £10 for adults, £7 for concessions and £3 for under 16's.