It had been claimed that the England international would be out of action until the New Year, but his coach is adamant that the 20-year-old will be back playing in December
The England international has not featured for the Gunners since picking up a knee injury during the Premier League opening-day defeat to Aston Villa.
Recent reports had suggested the 20-year-old's return had been put back until the New Year, but Wenger insists he will be back in action before Christmas.
"Oxlade-Chamberlain has not had a setback," he told reporters. "He is one month away from competition."
Wenger also revealed that Jack Wilshere's troublesome ankles will continue to require constant monitoring for the foreseeable future as he looks to ease the midfielder back into the team.
"Wilshere will have to be managed," the Frenchman added. "If there's an alert on his ankle, we'll take advice from the medical team."
Arsenal return to Premier League action against Southampton at the Emirates on Saturday afternoon.