The Spanish playmaker has not featured for Arsenal since October 2016 after requiring multiple operations following surgery on an achilles problem.
Cazorla has started training outside again in recent weeks as he bids to try and get back to full fitness after a long road to recovery.
With the midfielder now 33 years old, there have been suggestions that he could be set to leave Arsenal as he winds down his career.
Wenger admitted that he was delighted to see Cazorla on his way back to towards full fitness but has also conceded that he is unsure what the future holds for the Spanish playmaker.
Speaking at a news conference after Arsenal’s clash with Atletico Madrid last week, Wenger said: “He feels well. But he needs a full preparation and pre-season to try to come back.
“Will he come back, and where? I don’t know. Will he stay at Arsenal? I don’t know.”
Arsenal are currently preparing for the second leg of their crunch Europa League semi-final clash against Atletico Madrid in Spain on Thursday night.
The Gunners, who are currently sixth in the Premier League table, were pegged back and held to a 1-1 draw in the first leg at The Emirates last week, despite Atletico having been reduced to 10 men before half-time.
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