The 24-year-old called time on his Arsenal career on transfer deadline day when Liverpool FC concluded a £40m deal from the north London side.
Oxlade-Chamberlain passed a medical at defending Premier League champions Chelsea but the promising midfielder opted to move to Liverpool FC.
His final Arsenal appearance came in a 4-0 loss to his future employers at Anfield in the third Premier League game of the 2017-18 season.
Jurgen Klopp used Oxlade-Chamberlain sparingly in his opening months at Liverpool FC before he scored on his full debut in the Premier League in a 4-1 win at West Ham.
The England international has made two assists in his last eight games in all competitions to start to find his feet at Anfield.
Speaking at his pre-match media conference about Oxlade-Chamberlain ahead of Liverpool FC midfielder’s return to Arsenal at the Emirates Stadium on Friday night, Wenger said:
“I rate Alex highly and he knows that. After that, you want all the players to be respected who have played for us.”
Arsenal are in fifth place in the Premier League table and a point adrift of Liverpool FC.
The Gunners will face defending Premier League champions Chelsea in the League Cup semi-final.
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