Henry and Scholes have a combined age of 71 but could both potentially feature when Arsenal host Manchester United at Emirates Stadium.
Henry has rejoined Arsenal on loan while Scholes has come out of retirement and will be on the books of the Old Trafford outfit until the end of the season.
Wenger believes that such is the quality of the duo that it would not surprise him to see them still making an impact 11 years after their paths first crossed in the Premier League.
"First of all what you say here is that they are two exceptional talents," Wenger told Arsenal Player.
"An average player at that age is 'bye bye'.
"But you speak here about two players who had a big impact on the Premier League throughout their whole career and who were two world-class players.
"They are a little bit less quick, a little bit less resistant to multiple efforts but when they have the ball at their feet they can still do the damage."
Both players have already contributed positively to their respective teams with Henry scoring the winner against Leeds in the FA Cup third round over a week ago while Scholes scored United's first goal in their 3-0 win over Bolton over the weekend.
"They do not need two tries to kill you, one is good enough for them," Wenger said.
"We have seen that with Henry against Leeds and with Scholes against Bolton. That means they can still have an impact in the game."
Wenger is also adamant that Arsenal's encounters with United remain as one of the Premier League’s most explosive clashes in the English football calendar despite the emergence of other genuine title contenders such as Chelsea and most recently Manchester City.