Diaby, who has been in sensational form for Arsenal so far this term, suffered a hip injury during France's clash with Finland last week.
That ruled him out of their win over Belarus on Tuesday, but Wenger insists he only has a minor injury and he could still play this weekend against Southampton.
"He has slight pain on the hip, on the sartorius muscle," Wenger told TF1.
"It doesn't seem serious at all to me. He even has a small chance to play on Saturday."
Reports in France claim that Diaby will be out of action for around six days, but should be available for their opening Champions League clash against Montpellier next Tuesday.