Reports in France had suggested that the cash-rich Ligue 1 runners-up were poised to make a move for Wenger, with the future of current coach Claudio Ranieri looking increasingly uncertain.
But Wenger has since distanced himself from the speculation as he appears close to signing a new deal at the Emirates, telling the BBC after beating Norwich City 2-0 on Sunday that he wished Monaco "good luck" before denying any interest in the role.
He said: "The World Cup is one month so it is plenty of time. He can play now so it just shows you that there is no problem with him being available for England."
Wenger said: "He (Oxlade-Chamberlain) should be back into our squad on Wednesday for normal training.
"He will be available for (England coach) Roy (Hodgson) to pick him and I wouldn't be surprised if he’s picked."
