Chambers started the season in the Arsenal first-team but is expected to fall down the pecking order when Shkodran Mustafi signs for the Gunners and when the likes of Gabriel and Mertesacker return from injury.
Several European clubs were reportedly interested in Chambers, but Wenger believes that a move to the Premier League would be more beneficial for the defender.
Chambers joined Arsenal in 2014 and has played 59 games in two seasons for the Gunners. He also has three caps for England.