The 23-year-old is yet to agree a new deal with the Gunners, sparking reports the England international could be set to leave the club, with just a year left on his current contract.
However, the Arsenal manager emphatically declared that the Southampton youth graduate will not be leaving The Emirates this summer.
“The situation is simple, Theo will stay with us and play with us,” Wenger told a news conference on Thursday.
Wenger has already seen Robin van Persie leave to join Manchester United this summer, while central midfielder Alex Song completed a move to Barcelona last week.
The 62-year-old has signed Germany international Lukas Podolski, Olivier Giroud and Malaga playmaker Santi Cazorla in a bid to strengthen his squad.
And the Arsenal boss admits he is open to making further additions before the transfer deadline on Friday.
“We are active, but we don’t want to just bring average players in. If we find someone special we will sign him,” he said.
“Of course we have enough players, but you always want to improve your squad. If you find a top, top player you do it.
“We have the resources to do it, but we are happy with the quality of the squad if we don’t buy anyone.
“It’s important to believe in our players and to get our long-term injuries back.”
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