The legendary Scot retired from his role as Manchester United boss at the end of last season, bringing an end to an unprecedented 27 years in charge of the Premier League giants, with David Moyes replacing the 71-year-old.
United have, however, made a disappointing start to the 2013-14 campaign, with the Red Devils currently occupying eighth place in the table, and Wenger would not be shocked should Ferguson make a sensational return.
He told reporters: "In six months you will know more about whether he could come back. You cannot rule it completely out.
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Wenger also discussed Jack Wilshere's fitness struggles, confident that he will not have to carefully manage the Gunners midfielder for his entire career despite concerns over his ankle injury.
"It's difficult for us to find the right rhythm for him," the Frenchman added. "Before, I always played him and people say I overplayed him. Now I try to be a bit more cautious.
"It's difficult because his ankle is up and down a little bit. The ankle is still getting better but it's still inflamed sometimes and responds sometimes to games but, after that, it goes down again and is normal. I think he will go through this period of stabilisation. It's going upwards but sometimes you wonder: Do I take a gamble or not?
"It's not something he will have to deal with for the rest of his career. I do what the medical people recommend with him because I am not a specialist. They are quite positive about him."