The news means that the Gunners midfielder has missed an entire season due to a stress fracture picked up on international duty last year.
The Emirates Stadium club have had an up and down season, the absence of Wilshere is thought to have a lot to do with this.
“Jack Wilshere will not play again this season and will not go to the European Championships. That is for sure,” he is quoted as saying on the Club’s website.
“He is not ready to practice today or next week. His ankle is fine and he makes progress, but it is slow progress.
“We had a chat about that this week. His progress is not quick enough to go to the Euros.”
The 20-year-old has suffered a number of setbacks in his recovery from the injury, but Arsenal had still held out hope that he would make it back for the last few games of the season.
England fans would also have been hoping Wilshere returned in time to be part of the Euro 2012 squad, as he has become an important member of the England side over the past year.
It is unsurprising that Wenger revealed the young playmaker has taken the news badly and was not a little disappointed.
“Jack is devastated. What kept him going was that he felt, even if he could not play with us, he had a good chance of going to Euro 2012,” he added.
“That is over now. But Jack is mentally strong and he is already working hard ahead of next season.”
There were queries as to whether Wilshere’s recovery may allow him to make the Olympics, which take place nearly a month after the tournament in Poland and Ukraine has finished.
Wenger dismissed these suggestions and explained that the player would now just concentrate on being ready for next season.
“The Olympics would be the worst idea for him,” concluded the French tactician.
“When a guy has not played for year, he needs a good and slow preparation to start the season. Once he is fit he can think about the national team.
“It is not that I don't want him to go to the Olympics. It is just that he has other priorities than that.”