Wilshere has not figured for the Gunners this season as he has battled with ankle problems but he is now making good progress and there is a chance he could play again this season.
However Wenger is scared of rushing him back too soon in case he suffers a setback and then faces another spell on the sidelines.
"We try to keep the hope alive for him and without taking too many risks," Wenger revealed.
"That means we adapt day to day, to manage him, to improve his physical state and get him fit as quickly as we can without taking too big a risk, which means when he has pain we stop him."
England are hoping that Wilshere will be fit for the European Championships in the summer but Wenger says that is crazy talk unless he is playing again in the next few weeks.
"To go to a big competition without having played at all is impossible," he added. "In the next four or five weeks we will know more and the next three weeks will be decisive.
"You would think a player who wants to play in June will have to be competitive at the end of April. The next three weeks will decide [if he can go to the Euros]."