Wenger would welcome Walcott England call
The 25-year-old returned to competitive action for the first time since sustaining a cruciate knee ligament injury in January when he came off the bench in Arsenal's 3-0 victory over Burnley on Saturday.
England face a Euro 2016 qualifying fixture at home to Slovenia on November 15 and a friendly at Scotland two days later during the upcoming international break.
Arsenal manager Wenger insists he would have no qualms with the winger playing for the national team should be called up, providing it does not put him at risk of an injury setback.
"It's good to have him back, hopefully he will come on and have no setbacks. We have to be cautious always," the Frenchman said.
"The battle is not won, nine or 10 months out, you have ups and downs. I will have to manage that well.
"If he wants to go [with England], I'm happy for him to go and practise and maybe get a few minutes. I'm happy for it. Mentally it will help him.
"Is he completely ready? I think it is a bit early but to be in the squad will be good for him."