The 21-year-old Mexican forward has seen his first-team chances limited this season, with the likes of Marouane Chamakh, Nicklas Bendtner, Robin van Persie and Theo Walcott all ahead of him in the Gunners pecking order.
Owen Coyle is keen to take the pacy Vela to Reebok Stadium, where midfielder Jack Wilshere enjoyed a productive spell last season which helped him breakthrough into an Arsenal first-team regular now.
Wenger confirmed the decision would be based on the best opportunity for Vela to play.
"Bolton is one of the clubs that has shown an interest - we have many clubs that have shown interest and I am not surprised," the Arsenal manager said. "I want Carlos to play at the top, top level and the club who gives me the biggest guarantee to play will have the chance to sign him.
"I would expect it to happen in early January because he is keen to play."