The 21-year old was charged with misconduct for an offensive hand gesture made during the Gunners' 6-3 loss to Manchester City on the weekend.
The incident, which sees Wilshere raise his middle finger to City fans, was reviewed by a three-man independent panel after it was missed by match officials on the day.
"The incident was not seen by match officials, but was caught on video.
"Whilst admitting the charge, Wilshere claimed the standard sanction for this offence was clearly excessive. The commission rejected this claim and the two match suspension will commence with immediate effect."
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