The forward had been on good form for club and country before he dislocated a shoulder while on international duty with England in Germany last November.
He is expected to return at the end of next month to help boost Arsenal's faltering Champions League campaign.
Arsenal have been frustrated in their attempts to lure Russian forward Andrei Arshavin to the Emirates Stadium and Wenger believes a deal can be struck to keep one of his most important attacking options at the club.
"We will sort that (his contract) out," Wenger said, ahead of his side's trip to Everton tonight.
"We are in negotiations. He wants to stay and we want him to stay, so we should find an agreement."
Meanwhile, Wenger has warned his players not to be distracted by the on-going Arshavin transfer saga.
Arsenal are unbeaten in eight Premier League games, and, although they remain outside the top four, trail leaders Manchester United by just six points, albeit having played a match more.
Wenger said: "I feel it has overshadowed things, yes, but let's be quiet, focused and continue on. Our job is to focus on what we want to achieve.
"We got fair criticism this year, but we have overcome that and we are now hungrier than ever."