Arsenal are likely to be without Aaron Ramsey for the rest of 2014 but could have both Alex Oxlade-Chamberlain and Theo Walcott available for Sunday's clash with Liverpool.
Ramsey, 23, struck twice in Arsenal's 4-1 win over Galatasaray on December 9 but was taken off at half time with a hamstring problem.
After missing last Saturday's victory over Newcastle United, the Welshman was expected to be back in contention for the trip to Liverpool on Sunday but Wenger is now doubtful the midfielder will have any role to play during the festive period.
"I am scared he will miss the Christmas period," Wenger told a press conference. "He should be back at the end of December, [or] beginning of January."
Wenger is still beset by injuries that have ravaged his squad and is likely to turn to Mathieu Debuchy to fill in at centre half once again with Nacho Monreal a doubt and Laurent Koscielny still unavailable.
But the Gunners boss did confirm that Oxlade-Chamberlain, who suffered a knock in last Saturday's 4-1 win over Newcastle United, and Walcott could be in contention should they pass late fitness tests.
Wenger also admits his Arsenal side are still scarred by their mauling at Anfield last season.
Arsenal's Premier League ambitions were dashed in the most ruthless fashion when Brendan Rodgers' side scored four times within the opening 20 minutes to seal a 5-1 victory.
The Gunners began that afternoon at the top of the Premier League table but that harrowing result sparked another downward trend that resulted in the club settling for fourth place, while it sparked Liverpool's scintillating title charge.
But with the Reds five points off Arsenal in 11th place, Wenger is mindful of the fact his side are coming up a very different Liverpool side.
"Last year Liverpool scored over 100 goals. Now they're not on the same trend. They came off the blocks very strong last time."