The London side were eliminated from the League Cup by fourth-tier Bradford City on Tuesday and have fallen well off the pace in the Premier League ahead of Monday’s trip to bottom club Reading.
Wilshere’s return from long-term injury has been a rare bright spot in a testing season and he says he is on the verge of extending his commitment to the club.
“I am talking to the club and I probably will be committing my future to the club in the next couple of weeks,” he said.
“I know the team are going through a bad stage at the moment, but that is like any team.”
Arsenal’s on-pitch travails have seen manager Arsene Wenger come under scrutiny, but Wilshere believes it is too soon to write the season off.
“We can still realistically win everything we are in,” said Wilshere, who was speaking at a promotional event for the FIFA 13 video game.
“I know we are a long way behind in the Premier League, but football changes quickly. If we win three games and another team loses a couple and draws one, we are back in it. It is not in our hands, so we need a bit of luck.
“We are in the last 16 of the Champions League. That is going to be difficult, but we know in the Champions League anything can happen.
“It is two games and we can beat anybody. We showed that at home before when we beat Barcelona (in 2010-11). There is no reason why we cannot do it again.
“We have got a hard game against Swansea in the FA Cup, but if we win that and a couple of big teams go out, anything can happen in cup football.”
Wilshere also says that his faith in Wenger remains unshaken.
“For me, there is no question he is the right man,” said the 20-year-old England midfielder.
“You cannot start questioning him because we have had a few bad results. The players have to look at themselves.
“Every year he has been in the Champions League and there is no other manager who has done that. He has built a legacy at this club.
“He changed everything from when he came in, 15-16 years ago. He brought the Total Football, if you like, to Arsenal — the passing game.
“He has also been great for me, has shown great faith in me from when I was young. He stuck with me when I was injured and has still stuck by me.”