The 63-year-old wants to extend the England international's contract as he looks to hold on the winger amid speculation of a possible transfer away from the Emirates stadium
"Theo had his first run today, he looked quite good and should be back shortly."
The 23-year-old suffered a chest injury in England's 5-0 win over San Marino and missed the Gunners 1-0 defeat to Norwich on Saturday.
Wenger is focused on the North London club's next game against Schalke in the Champions League and he will be expecting a strong response from the players.
"We have got over it [Norwich] and we will focus on the next one," he added.
"I expect a strong response. The players were very disappointed after we lost to Norwich.
"Santi was a bit flat on Saturday but Norwich defended consistently."
The Frenchman is however happy with the attitude that the German players have brought to the squad.
Lukas Podolski has settled in well with the club since his summer move, while Per Mertesacker has improved on his defensive displays from last season.
"They are ready to work hard and have a very strong team attitude. I welcome that."