During the early stages of Saturday's 3-1 defeat to Manchester United, Mustafi was forced off with the injury and Wenger has ruled the centre-back out of contention for the Europa League meeting with BATE Borisov.
However, Wenger has suggested that Mustafi could be in contention to take his place in the team when the Gunners face Southampton at St Mary's on Sunday.
The Frenchman told reporters: "There is a small problem with Mustafi from Saturday. He's got a little thigh problem, but it's a small one. He could be available for Southampton."
A previous thigh injury has limited Mustafi to 10 appearances in all competitions this season.