After an impressive start to his career in England, Chamakh has failed to impress - and has now been pushed firmly back in the shadows by the heroics of Robin van Persie.
But Wenger was adamant that the Moroccan, who is currently away on national duty for the African Cup of Nations, will be returning to the Emirates.
"He is at the Africa Cup of Nations, nothing will happen there. Will he come back? Yes," when asked about the striker's future.
The coach was more forthcoming on Arshavin - who he believes has been performing well despite what the statistics might suggest.
"He has always been a player who plays on the borderline, if you look at the game against QPR," remarked Wenger."He is a big gambler, and at the end of the day he gave the ball to Robin van Persie to score in that game. So he is always efficient.
"If you look at his numbers you are always surprised at how good he is. Sometimes the visual impression you get from a game has been frustrating, but he is very efficient. We can all have a big responsibility but we need confidence for what we do."
The Frenchman believes Arshavin will come good with time - despite calls for his sacking.
"We know he has the talent," said Wenger. "He's been questioned many times but his attitude has always been spot on.
"In the last game [against Leeds in the FA Cup], specifically, he showed that he needs to play and needs confidence. He needs to play with confidence and freedom, that is his strength. He is a creative player and you need that fraction of belief and confidence to play with freedom."
Arsenal play Swansea at the Liberty Stadium on Sunday in their next Premier League clash before a high-voltage clash with Manchester United on January 22.