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This would be a very tough decision—except Arsenal is going nowhere this season, and we all know it.
The smartest thing to do is play one of the two newbies—probably Coquelin—and loan the other one.
That would both get the necessary first-team action, and Coquelin, who probably has more promise, will be able to play with a team he should be accustomed to be playing with.
Until everyone comes back healthy (knowing Arsenal, that will be quite a ways from now), Song will keep his role as a central defender. When Thomas Vermaelen or Laurent Koscielny gets back, he can rotate in and out with Coquelin in the holding role.
Wilshere is more of a box-to-box player than the others, and when he (finally) gets back from his injury, he can step in and play more like the role Aaron Ramsey has been playing recently.
This will fit everyone's needs.
It works for Arsenal because they can keep doing what they do best—develop youngsters.
Coquelin, who one day should become a star, is the top choice for defensive midfielder.
Instead of riding the bench at the Emirates, Frimpong can get some first team action elsewhere; if he impresses more than Coquelin, than the Gunners can start playing him next season.
Song, who is already proven, can still get action at either center back or defensive midfielder, and since he is already proven, could win his job back in 2012/13.
Wilshere will not have to be in a rotation on his return from injury. He can simply play a different position—one that may suit him better down the road.
This may be the easiest and most efficient way to keep everyone playing and improve for next season.