He had a stellar debut campaign for the North London club, having scored 25 goals in 52 appearances and helped the club retain the FA Cup last season.
Oxlade-Chamberlain, currently in his fifth season with the club, has managed just 13 goals in 126 appearances.
Wenger, though, is confident the England international will add goals to his game once he learns to receive the ball in more dangerous positions.
"For me it is down to the quality of the reception. That means the area you get the ball, and that makes Alexis difficult to mark because he gets into positions where he can score," Wenger told reporters ahead of Tuesday's match against Greek champions Olympiacos in the Champions League.
"Alex is a good finisher, he gets into good positions and that is what he has to learn from him. You can work on it, knowing where to be at the right moment."
Wenger has urged Oxlade-Chamberlain not to be too critical of himself as it might affect his confidence.
"I see (Alex) train every day, he is dedicated, focussed, hungry. His dad said he lacks a bit of self-belief and I can confirm that because he is very critical of himself," the 65-year-old Frenchman said.
"That's positive and a sign of top-level sportsmen but you have to find the right balance: not happy with what you do without harming the confidence."
Meanwhile, Oxlade-Chamberlain has credited midfielder Francis Coqelin for bringing variety to the Arsenal squad.
"He's a massive vocal part of our team. Everything that he does is different to what a lot of the other boys in our team can do," the 22-year-old Oxlade-Chamberlain said.
"I think that's crucial to the team because he brings something different.
"As long as he keeps doing that I'm sure he's going to keep progressing as a player and helping this team."
(Reporting by Shravanth Vijayakumar in Bengaluru; editing by Sudipto Ganguly)
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