The midfielder has revealed that he may consider his future at the club next summer unless he receives more playing time at the Emirates Stadium, but while Wenger is understanding of his concerns, the Gunners boss is keen to keep the England international.
The Frenchman is quoted by ESPN as saying: "That I can understand but, on the other hand, you buy a young player at 17 years of age, you spend a lot of money on him, so then you would like him to stay. I think his place is here.
"I rate him as a player and I hope he will show he can have a stable position in the team until the end of the season."
Oxlade-Chamberlain has only completed 90 minutes on one occasion this season, which came in the League Cup fixture away at Nottingham Forest.