The Spain international has been out of action since the end of November after picking up a lateral knee ligament sprain in the 1-1 draw with Norwich City at Carrow Road.
Initial medical examinations suggested a three-month layoff was in store for Cazorla, yet a sudden swelling on his Achilles has hindered his progress and could see him ruled out for the season.
Wenger said: “Santi is not doing too well. He has some Achilles problems that hold him (back). His knee is doing well but his Achilles has inflamed a little bit and we have to put him off impact.
“It is a reaction to him coming back. We have to see now how he responds. He had always a little tendonitis on his Achilles and we have to see how he responds to that.”
Cazorla established an excellent midfield partnership alongside Francis Coquelin, but the duo’s respective injuries have subsequently caused plenty of problems in the middle for the Gunners.
Aaron Ramsey has regularly featured as a like-for-like replacement in Cazorla’s absence, though the Welshman undoubtedly lacks his teammate’s passing ability and awareness off the ball.
Arsenal have been dealt a number of injury blows this season with Alexis Sanchez, Theo Walcott and Jack Wilshere also spending time on the side-lines, yet Cazorla is arguably proving their biggest miss.
In his absence, the North London club have picked up 24 points from their last 13 Premier League matches.