Reyes has been on loan at the Bernabeu this season and is reluctant to return to the Gunners.
Wenger said: “I will sit down with Madrid this week and then make a decision about Reyes.
“It depends what they want to do with him but there is no doubt we have missed him at times.
“We could easily play with him in a 4-3-3 next season because he is a natural winger.
“If you look at my squad when everyone is fit and available, frankly we lack nothing.
“But we cannot say there is nothing wrong because we are 21 points behind Manchester United and that is something I have to put right.”