Oxlade-Chamberlain has yet to start a Premier League game since his £12million summer move from Southampton but has impressed in the League Cup and Champions League.
"I don't rule him out. It depends on his progress here," said the Frenchman. "You cannot rule him out because he has the basic talent. In the next five, six months we will see how he adjusts to the physical intensity of the game.
"I did not expect him to be so comfortable as quickly as that so he has done extremely well," he added.
"He still needs some more time to adapt to the intensity of some of the games. He has the quality already for top-level Premier League games."