The Chile international has excelled since joining from Barcelona, scoring 12 goals and registering seven assists in his 21 Premier League appearances this season.
Wenger, though, will have to prepare for his 45th derby against Spurs without his marquee summer signing, with Alexis still not recovered from the hamstring problem that saw him miss the 5-0 hammering of Aston Villa.
"The latest is that Alexis is not ready," confirmed the Frenchman.
"He is not far away and the Leicester game is a possibility. He is of course very difficult to keep quiet! He is training but it is light training."
There was better news elsewhere, though, with Wenger confirming that Danny Welbeck - sidelined since the turn of the year - will be back in the squad for the trip to White Hart Lane, while Jack Wilshere is also closing in on a return.
"Welbeck is back in the group. Apart from that we have the same squad available as last week," continued the Frenchman.
"Jack is back in full training next week, hopefully from Sunday."
Alex Oxlade-Chamberlain, though, is still out of action and has yet to return to first-team training, while Serge Gnabry and new signing Krystian Bielik are both expected to feature for Arsenal's Under-21 side against Newcastle on Monday.
