Iwobi, 19, made his debut for the current FA Cup holders in Tuesday's Capital One Cup tie against Championship side Sheffield Wednesday.
The Gunners suffered an embarrassing 3-0 defeat in that match and were dealt a double injury blow as Theo Walcott and Alex Oxlade-Chamberlain hobbled off in the first-half with calf and hamstring injuries respectively.
The duo's latest setbacks has left Wenger short of options on the wing.
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And the Frenchman has hinted that Iwobi, who is the nephew of Bolton legend Jay Jay Okocha, could fill the void left by the England internationals.
"Campbell and Alex Iwobi [could play out right]. Santi can play there as well but he has become very important centrally," said Wenger.
"The problem sometimes is that you can destroy two departments if you move one player out. We control the ball better with Santi in the middle."
Wenger's comments come as a huge surprise as after Tuesday's defeat the 66-year-old claimed Iwobi and fellow debutant Glen Kamara weren't ready to play in the first-team.
He said: "The level was too high for the young players tonight.
"They are not ready to play at this level."
