Both England internationals went off in the opening 20 minutes of Tuesday's Capital One Cup fourth-round loss at Sheffield Wednesday.
Oxlade-Chamberlain was replaced after five minutes due to a hamstring problem and, Walcott, who came on in his place, went off after 19 minutes with a calf problem.
Wenger is still waiting for scans to determine the full extent of the injuries, but neither will feature for the Gunners in the next three games or for England in November's international break.
The Frenchman told arsenal.com on Thursday: "Nothing has changed since after the game.
"They are out but the scans are today - it's 48 hours afterwards.
"We hope they are light injuries, but they are out until after the international break."
Arsenal, who are second in the Barclays Premier League, play at Swansea on Saturday.
Source : PA
Source: PA