The Egyptian international is the Frenchman's only major outfield signing since the end of last season and has settled quickly into life in England following his move from Basel in January.
The 23-year-old has featured five times for the Gunners since joining and has started the last two matches, impressing in the 2-2 draw against North London rivals Tottenham Hotspur last weekend.
Wenger admitted he has been encouraged to see how well Elneny has adapted to the Premier League, and said he believes the midfielder can cope with a regular place in his side.
He told reporters, as quoted by the club's website: "He looks like he is ready to play. I consider every formula that is possible to give us a balance. At the moment I think Elneny in central midfield can cope.
"We have Flamini, we have Coquelin who can cope as well. They have shown [that] already. The formula can change as well if needed but that depends on the games. Every game will be different now."
Wenger will be pleased to have added another strong option to the centre of midfield, particularly with the news that Aaron Ramsey is expected to miss around four weeks with an injury sustained against Hull City in midweek.
Arsenal face a season-defining run of fixtures, with an FA Cup quarter-final clash against Watford at the Emirates on the horizon this weekend as they look to continue their hunt for a third successive triumph in the competition.
Although the Gunners are on the brink of elimination from the Champions League after conceding two away goals without reply against Barcelona last month, the second leg at the Nou Camp is followed by crucial Premier League fixtures against Everton, Watford, and West Ham United.
Arsenal are currently third in the league table, eight points behind leaders Leicester City with nine games remaining.