The Gunners are reportedly targeting Schalke forward Julian Draxler and Paris Saint-Germain midfielder Blaise Matuidi, and the manager says that "anything can happen."
Speaking ahead of Sunday's Premier League meeting with Crystal Palace, Wenger conceded that the club was not on the verge of announcing a new arrival but insisted that that "anything can happen" before deadline day Friday.
He told the club's official website: "Are we active? Yes. Are we close to sign anybody? No.
"There's not long now that's true. First, the situation was going like always in a transfer market - week by week. In the last two weeks it goes day by day, now it goes hour by hour.
"In any hour anything can happen or change but at the moment, unfortunately, we are not signing anybody."