Frimpong, who damaged cruciate ligaments back in February while on loan at Molineux, has only just returned to action, coming on as a substitute for the Gunners during their Capital One Cup win over Coventry.
He has been strongly linked with a loan move back to the Championship club, but Wenger says he will not be going anywhere until he has got more game time under his belt.
Wenger said: "I don’t know yet [about letting him go on loan]. He needs to play a few games and he is not ready yet.
"I have heard of their [Wolves] interest but he needs to get back to a competitive edge first before we plan anything for him."