Jack Wilshere and Tomas Rosicky are also completing their own recoveries from injury.
Spaniard Cazorla has been missing since the end of November since picking up a knee injury in the game against Norwich City.
He had hoped to be back sooner before several setbacks held up his recovery. Oxlade-Chamberlain, meanwhile, has been absent since February after picking up a knock against Barcelona.
Both though, could be set to return to first-team training next week as they step up their respective recoveries.
“Next week they will be back maybe, they are not back in full training yet. They are still on fitness work,” Wenger told the club’s official website.
Elsewhere, the Arsenal boss says that the squad that featured in the 3-3 draw against West Ham last weekend should all be available this weekend.
There was also positive news on long-term injuries to Jack Wilshere and Tomas Rosicky as they also step up their recoveries.
Both have been absent this season with ankle and hamstring injuries but recently featured for the Under 21s as they beat Newcastle United 3-1.
They again featured for the Under 21’s against Swansea City this week as they edge closer to first-team action before the end of the season.
“From last Saturday's game against West Ham, we should have everyone available who was in the squad,” the Arsenal boss added.
“Jack and Tomas are playing today for the under-21s. They have had no reaction from last Friday’s game and they look alright.”