"He is a possibility because he is back in full training," Wenger told reporters.
French right-back Mathieu Debuchy also has a chance to make the squad, Wenger said, but England international striker Danny Welbeck will not be ready.
Wenger was given a selection dilemma after Arsenal's final Premier League game of the season on Sunday, when Theo Walcott and Jack Wilshere, neither of whom have been playing regularly, were both outstanding in the 4-1 win over West Bromwich Albion.
Walcott, who was out for 10 months until last November,  scored three times in little more than half an hour while playing as a striker instead of his normal position on the wing.
"I just want to play football," he told the Arsenal Player video service, "and getting a hat-trick on the last day of the season after having limited opportunities, it was just nice to go out there to show what I can do."
Walcott and his representatives are in talks with the club over a new contract. Wenger said after Sunday's game, "we want him to stay".

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