Xhaka arrived at Arsenal in the summer while Wilshere headed out on loan to Bournemouth.
Xhaka arrived at the Emirates this summer, with the Gunners paying Borussia Monchengladbach big money for his services.
At the same time, Wilshere departed the club, electing to join Bournemouth on loan in an attempt to secure first team football and rebuild his fitness.
He has since impressed with the Cherries, putting in several impressive performances for Eddie Howe’s team this season.
Tottenham's Victor Wanyama in action with Arsenal's Granit Xhaka
There has been a debate about his future ever since he departed, with some believing, he may not have a role to play for Arsenal in future.
But Keown clearly thinks differently and says he sees no reason why the England man is not better than Xhaka.
“It was a gamble (letting Wilshere go on loan). I know why Jack went, he has to play football and get back playing,” he told BBC Sport.
“I just feel now if you’re not going to play [Granit] Xhaka there’s a massive hole in that Arsenal midfield when [Santi] Cazorla’s not there.”
“I think Jack has played deeper for England and he could definitely do that for Arsenal. I see no reason why he’s not better than the guy who’s been brought in to replace him in Xhaka.”
Bournemouth's Jack Wilshere
For now, Wilshere will simply be focused on impressing for Bournemouth and continuing to work on his fitness.
He has shown the quality he has to offer in glimpses so far and if he continues to impress then he will definitely have some role to play at Arsenal.
The major question will be whether he wants to return to the Emirates, with a definite first team role elsewhere likely to be more appealing at this moment in time.
Arsenal manager Arsene Wenger before the match