Nasri suffered a hamstring injury in the FA Cup fifth round match against Huddersfield and has been on the sidelines for the last two weeks.
"I would say he has a chance," said Wenger.
"He has tests, one tomorrow and one on Tuesday. I will not take a crazy gamble but physically he has worked very hard; physically he is ready. It is just if there is a risk of a setback or not."
Asked if the 23-year-old was eager to face the La Liga giants, Wenger added: "Who isn't? But we have the Carling Cup final too... we have so many big games it is important not to be stupid as well."