Thomas Vermaelen has seen his chances limited this season due to the form of centre-backs Per Mertesacker and Laurent Koscielny, with the Belgian starting just three Premier League games.
However, Wenger believes the former Ajax defender is worthy of a new deal despite a lack of playing time this term.
"I am ready to extend his contract. We want Thomas Vermaelen to be happy and have the number of games a player of his class deserves," Wenger told arsenal.com.
"On my side, I have a high respect for his qualities and attitudes and I am ready to extend his contract.
"At the moment we're all on board for something this season that is respectable. At the end of the season I can sit down with Thomas and see what he thinks about it."
Vermaelen's replacement Mertesacker is expected to secure a new deal soon, along with right-back Bacary Sagna and 33-year-old Tomas Rosicky.
Wenger revealed: "The new contracts are very close. Not for all of them but for most of them."