The wideman has impressed since moving to north London from Southampton, with many surprised that he was not included in The Three Lions squad to face Netherlands in an international friendly on Wednesday night.
Despite this, Wenger feels Oxlade-Chamberlian could feature in Poland and Ukraine this summer.
“Physically we have to monitor him because after every game he can have a little problem,” he told the club’s official website.
“We know now that a large percentage of players who play a lot of games between the ages of 18 and 21 have bony stress responses. I never expected the number to be so high.
“[It happens] because your skeleton is not completely finished and the bones are not completely developed to absorb the kinds of shocks you get in the Premier League.
“We have to be cautious about that. But you are always in a trap when the player is as good as he is, like Jack Wilshere is too.
“You cannot take him out of the team, you have to keep him there. They can win you games.
“Until the end of the season there is no problem and if he continues to play like this I am convinced he will go to Euro 2012,” Wenger concluded.
By Gareth McKnight