The England midfielder has been sidelined for 14 months with ankle and knee problems but came through 90 minutes of Arsenal's 2-1 under-21s win over Everton on Monday, along with the recovering Bacary Sagna and Emmanuel Frimpong.
Wenger said: "There is a chance.
"He had 90 minutes yesterday, Sagna had 90 minutes, Frimpong had 90 minutes. We'll see how they recover.
"We are a little bit in a trap at the moment because he needs to play full games and of course, 48 hours later is too dangerous to play a player, or even put him on the bench, who has not played for such a long time."