The Wales midfielder has not played for the club since breaking a leg against Wednesday's opponents Stoke last February - but the Cardiff loanee could be back in an Arsenal shirt by next Wednesday.
'He could be available for the FA Cup replay against Leyton Orient,' said the Arsenal manager.
'I have had good reports from Cardiff. He could not play on Saturday because he had a hip problem and we demanded he rest.'
The 20-year-old was fit to play for Cardiff on Tuesday and scored in their Championship game against Leicester. He is due to return to Arsenal after this Saturday's game and will be a welcome option as the clash against Stoke starts a run of five games in 14 days for Wenger's side.
The Arsenal manager admitted: 'This is the busiest we've ever been. We have never been involved in four competitions at this stage of the season, so that is credit to the squad.
'It is very difficult to juggle the squad but it is enjoyable because it gives competition.'
The Frenchman even hinted that talisman Cesc Fabregas could sit out games before the end of the season. He said: 'I must say, and Cesc would tell you this first, that every player is important from now until the end of the season.
Arsenal v Stoke: Teams ARSENAL (4-3-3): Szczesny; Sagna, Squillaci, Djourou, Clichy; Song, Wilshere, Fabregas; Walcott, Arshavin,Chamakh.
STOKE CITY: (4-3-3): Begovic; Wilson, Huth, Shawcross, Pugh; Pennant, Delap, Whitehead; Walters, Jones, Carew.
Referee: Peter Walton.
'Of course, we want to keep him fit, butyou can never decide how long the player will be fit or why not. Does he have to play one game more or less? You never know.'
Former goalkeeper Jens Lehmann has returned to coach Arsenal's youngsters to help complete his UEFA badges. And Sportsmail understands that chief scout Steve Rowley has been making covert visits to Barcelona's youth set-up La Masia to see 16-year-old midfielder Jon Miquel Toral Harper, who is close to agreeing a ?300,000 summer move to north London.
Meanwhile, Barcelona playmaker Xavi is racing to be fit for the Champions League clash against Arsenal on March 8, with a calf tear likely to keep him out for 10 days. Goalkeeper Victor Valdes and skipper Carles Puyol have knee problems and are also doubts.
Source: Daily Mail
Source: Daily Mail