The FA Cup winners are expected to complete a deal to take the Southampton teenager to the Emirates Stadium this week, with the fee reportedly rising as high as £16 million.
Arsenal have been pro-active in the transfer market this close-season with the likes of Alexis Sanchez, Mathieu Debuchy and David Ospina having joined, but Chambers is set to provide defensive cover after Bacary Sagna left for Manchester City and doubts remain over Thomas Vermaelen's future.
Chambers has made just 18 Premier League starts but Wenger is confident the 19-year-old defender will prove valuable business because of his versatility.
"He can play at centre-back, right-back and central midfield," Wenger is quoted as saying in the British press.
"I hope he will give us competition for the players in those three positions.
"He hasn't played many games, no, but the English players on the market in England are very expensive and at the end of the day I was ready to take a gamble because he is a player for the future."
Elsewhere, Wenger confirmed that Alexis will miss a pre-season trip to Austria to sort out his visa.
"I don't think Sanchez will come to Austria because he has to go to Paris to get a visa," he added.
"So he will only go to [Arsenal's training base] London Colney on Tuesday and we come back on Thursday, so he will work in London."
