Which theme are you using?
On my test server, if I use WordPress default, I can add the page template, but If I am using the newest version Vertigo, I get no options for page template. Could be a theme issue???
Maybe you theme does not have a Archives.php file. if not you can make one with this code (coppied from wordpress default theme)
<?php
/*
Template Name: Archives
*/
?>
<?php get_header(); ?>
<div id="content" class="widecolumn">
<?php include (TEMPLATEPATH . '/searchform.php'); ?>
<h2>Archives by Month:</h2>
<ul>
<?php wp_get_archives('type=monthly'); ?>
</ul>
<h2>Archives by Subject:</h2>
<ul>
<?php wp_list_categories(); ?>
</ul>
</div>
<?php get_footer(); ?>
If you are still not seeing the themes, you could add the following code into you theme’s functions.php file.
add_action('edit_page_form', 'mf_add_template_to_pages' );
function mf_add_template_to_pages(){
global $post;
if ( 0 != count( get_page_templates() ) ) {
?>
<div id="pagetemplatediv" class="postbox <?php echo postbox_classes('pagetemplatediv', 'page'); ?>">
<h3><?php _e('Page Template') ?></h3>
<div class="inside">
<select name="page_template">
<option value='default'><?php _e('Default Template'); ?></option>
<?php page_template_dropdown($post->page_template); ?>
</select>
<p><?php _e('Some themes have custom templates you can use for certain pages that might have additional features or custom layouts. If so, you’ll see them above.'); ?></p>
</div>
</div>
<?php
}
}