The former Liverpool coach is set to take over from Martin O'Neill at Aston Villa.
Houllier returns to the Premier League after his technical advisor role at the French Football Federation, and the 63-year-old admits he wanted to "go back pitchside".
Wenger believes his countryman - who was unable to deliver the title while at Anfield - will be hungry for more success.
"In our job, some people always have mixed feelings," said Wenger.
"When he went to be the technical director of the French Federation, it was to get out into maybe a little bit less of a pressurised job.
"But when you are out of it, you feel you miss it, and you come in again.
"I believe that is what happened to him more than the feeling that he has an unfinished job."