Former Manchester United forward Solskjaer, 40, travelled to London on New Year's Day as talks stepped up over him replacing the sacked Malky Mackay.
Confirmation of the appointment could follow on Thursday if negotiations between the Molde boss, Cardiff owner Vincent Tan and chairman Mehmet Dalman progress well after their meeting at the Emirates Stadium, where Cardiff were beaten 2-0 by a late brace from the Premier League leaders.
Talks are set to continue in London, with any press conference likely to be held back in Cardiff once formalities have been completed.
Wenger, who is now the longest serving manager in the English top flight, sees no reason why Solskjaer cannot make a success of what would be a first major managerial role.
"I have seen him before the game, and they played like they knew he was in the stand," said Wenger.
"Cardiff has the basic ingredients to survive in the Premier League.
"You would say if you look at their record they need to add a bit more goals offensively to stay in the league.
"If he (Solskjaer) can find that in the final third something clinical like he was, then they will stay in the league because they have the basic quality to do it."
Wenger continued: "It is a chance (for Solskjaer).
"Basically what you want when you are young is a chance and after you have to make the maximum of that chance.
"He has already experience as a manager in Norway, so he has learned his job.
"He was an intelligent player, so he is an intelligent boy as well, and that will help him to be successful."