The Chilean has not played since sustaining a hamstring injury against Norwich in November.
Sanchez has not played since sustaining a hamstring injury during the draw with Norwich at the end of November, meaning that he missed the entire Christmas period. And while Wenger insisted that Sanchez is nearing a return, the next two games will come too soon.
"The bad news of the week is that Alexis is not quite ready," he said, as reported in The Sun.
"It is a precaution because of his hamstring, and it takes a few more days. He's not bad but he's not ready."
While the side is undoubtedly stronger when the Chilean is available, Wenger's men enjoyed a very good spell in his absence. Arsenal won six of their seven games in all competitions, including the victory over Manchester City, to help move two points clear at the top of the league table.
They were also without their talisman for the Champions League group-stage clash with Olympiacos, where the emphatic victory booked the club's place in the next round of the competition.
Nevertheless, Sanchez's return is likely to be a huge boost to the side as they look to capitalise on their current position in the table. The former Barcelona man has scored six goals in the league, and Wenger will be hoping that upon his return, he bags many more.