The England international has been sidelined for the majority of the Premier League campaign with an ankle injury.
After a number of setbacks, reports over the last few months have suggested that the 20-year-old could pull on an Arsenal shirt before the close of the season.
"I will not take any risks with him," said Wenger. "He is making slow progress so we still have to monitor the situation a little bit at the moment.
"As I told you last week, the next three weeks would be decisive and now we have two weeks in front of us. I cannot tell you more."
It remains unclear whether the midfielder will be fit for England duty in the European Championships this summer.