Cazorla has not played for Arsenal since October 2016 and has had eight operations on the troublesome issue with his Achilles.
Wenger was responding to comments from Lee Dixon, who this week said his Arsenal teammates had pinned him against a wall before his first north London derby, to hammer home the importance of the match.
The 32-year-old revealed earlier this month he was told the problem might have left him unable to walk.
Wenger had initially planned to welcome the former Malaga man back into his squad at the turn of the year and remains hopeful that could still be the case.
"I think if that was the only way to feel football games, you would say, 'If you don't win the game, you are killed after it".
Spain worldwide Cazorla, who joined Arsenal from Malaga in 2012, recently told Spanish newspaper Marca he aims to be back playing in January.
Lacazette, who scored twice in France's 2-2 friendly draw with Germany, has completed 90 minutes only once since his close-season move from Lyon.
Arsenal scored just one goal in both of those clashes, Lacazette coming off the bench to give them a glimmer of hope against City before the worldwide break.
"I have a big choice to make every time, big decisions to make up front", said Wenger, whose side sit in sixth place in the Premier League table, four points below third-place Spurs. Wenger bought Walcott in back in 2006 - over a decade ago now - and he was expected to develop into one of the world's most exciting players.
Cazorla has been posting regular updates on social media with him working out in the gym as he tries to complete his comeback. He takes half chances, he finishes well with both feet and I think now he is ready to be let loose.