England winger has missed the last few weeks with a hamstring injury but may feature in the Gunners' last game of the season and is fit enough to travel to Ukraine and Poland
The Gunners' winger picked up a hamstring injury against Chelsea and was initially expected to miss the rest of the season but Wenger believes the former Southampton man could feature in his side's final game of the season at West Brom.
The Frenchman told reporters: "It is less serious than we thought. He has a small chance to play in the last game [of the season].
"For the Euros, he is definitely available."
Wenger also believes that the rest Walcott has enjoyed during his injury lay-off could benefit him in the tournament in Ukraine and Poland.
"I think in fact the injury of Walcott is good news for England because he just has a little rest," The 62-year-old explained.
"He had enough competition and now he has a little rest before going there so he should be in a good frame of mind and physically fit."
Walcott has enjoyed a fine season on the right for Arsenal, scoring 11 goals in 50 appearances and his manager believes the 23-year-old's good performances lead to criticism when he can't replicate them.
Wenger concluded: "Theo gets criticism because he raises the level of expectation so much that when he has a disappointing game or doesn't make the difference people straight away go at him because they expect something special."