Sanchez has missed Arsenal's opening two games of the season - a 4-3 home win over Leicester and a 1-0 defeat at Stoke - due to an abdominal injury but has returned to full training.
It has coincided with speculation about the Chile star's future, although Wenger has insisted on several occasions the 28-year-old will not be sold this summer - despite his contract expiring next year.
With Arsenal travelling to take on Liverpool next weekend, Wenger has conceded Sanchez could play but may not be back to his best form for the match at Anfield.
He said: "We’ll see how he goes through the week. He has not played for a long time.
"He was out with a muscular strain and hopefully he will survive the tests first before he comes back.
"He’s not played now for six weeks and it’s difficult to be at your best in the first game straight away."