The winger’s second-half substitute appearance in Sunday’s 1-1 draw at West Ham was his first since being recalled from a loan spell at Istanbul Basaksehir in January.
Traore missed much of last season due to injury and appeared to have kicked his last ball for the club when he was deemed surplus to requirements by former boss Steven Gerrard.
But he will now get further chances to force his way into Unai Emery’s long-term plans before the end of the season.
Traore said: “It was a fantastic feeling. I’ve waited for this moment for many weeks now.
“Now I’m back fit, I feel good, I’m in a good place and now is my turn to give back to the fans, my team-mates and the staff.”