Wilshere is expected to be named in Hodgson's squad for next month's World Cup qualfiers with Moldova and Ukraine.
Wenger is cautious with Wilshere's fitness with the player having overcome a succession of long-standing ankle injuries and he insists the 21-year-old is not 100 per cent fit yet.
Wenger rested Wilshere during last weekend's 3-1 win over Fulham after successive starts in previous matches against Aston Villa and Fenerbahce, but he is set to return to the starting line-up for Tuesday's UEFA Champions League play-off second leg.
"It made sense to give him a breather because we're playing every three days at the moment," noted Wenger. "He is not 100 per cent yet, but he is 90 per cent.
"I am a bit cautious because he had a few surgeries. I don't want to make a mistake on the medical front and overuse him because the ankle is the most important part of a football player.
"I would be a bit more cautious (than with another player), until we feel he is completely free from any risk."
Wenger is aware of Wilshere's importance to England and he believes Hodgson should rest the midfielder against Moldova so that he is fully fit to take on Ukraine.
Smiling, Wenger said: "(The Ukraine fixture is) the key. So don't play him against Moldova.
"It's World Cup year but first England have to qualify and we now go into a really important period for England. It's an important year for every single player because they all want to go to the World Cup.
"If you have a good season you have a good chance to have a good the World Cup. So let's first have a good season."