The key Gunners duo could feature against Leicester City this weekend.
The duo has been on extended leave this summer after their exertions with Germany and France at Euro 2016 this summer.
That means that both are some way behind their teammates when it comes to fitness, with Wenger likely keen to avoid rushing them back too soon and risking injury.
That is something that has already hurt him this season, having lost Aaron Ramsey to an injury after electing to use him against Liverpool last week.
However, he says that both will be considered for selection against the Premier League champions.
“Yes, I will consider them for selection this weekend,” he told the club’s official website.
“Of course they have not played any games for a while, so I have to be selective and I cannot go for the three because that would be too risky. But basically with Laurent Koscielny I have no choice!”
Republic of Ireland's Jon Walters in action with France's Laurent Koscielny
Two players who will not feature, however, are Ramsey and Iwobi, with Wenger also providing an update on their injuries.
As already mentioned, Ramsey picked up a knock in that defeat to Liverpool but he was not the only one, with Iwobi also going down injured.
Luckily, Wenger has positive news, saying the duo’s injuries are not as bad as first thought and they are likely to return after the international break next month.
“Both of them have minor muscular problems,” he added.
“I think they will be out until after the international break but we feared worse - for Iwobi especially. It is a thigh problem for Iwobi, and Ramsey is a hamstring that will require two or three weeks. It is better news than we feared.”
Arsenal's Aaron Ramsey after sustaining an injury