Wilshere was called into the England squad to face Sweden in a friendly next week despite having played just one full match since returning from a 17-month injury lay-off.
Wenger previously expressed his belief that it was too soon for an international return for Wilshere, but now claims that he and Hodgson have reached an agreement over his involvement - although he would still prefer him not to be involved at all.
"You know what I think with Jack, that it is early for him. I had Roy Hodgson on the phone, we found a good understanding and a good compromise," said Wenger.
"What helps is that he is not playing over the weekend because he is suspended, of course. He will have a little breather. Roy wants him in the group to connect the game with the players.
"The ideal solution would be yes [he wouldn't be involved]. But it is as it is. Jack has played three games now, and of the three games only one [has been a] full game. He has been out for 17 months. It is good to have a little break after three games. What we like of him is he won't play over the weekend, so will recover. I think he needs 10 days of good recovery."
Wilshere already has five caps for his country, although injury has meant that he hasn't played since June of last year.