The Welshman scored two stunning free kicks to inspire Spurs to a 2-1 Europa League victory over Lyon on Thursday, taking his goal tally for club and country this season to 21.
Asked about comparisons with Ronaldo and Lionel Messi, Wenger told reporters: "I wouldn't go as far as that. He has the potential to develop and become like the players that you compare him to.
|11/1||Tottenham are 11/1 with Bet365 to beat Lyon 2-1 in the second leg of their Europa League clash
Bale started his career at Southampton before moving to Tottenham in 2007, having become the second youngest player to ever play for the Saints when he featured in a victory over Milwall the previous year.
And whilst current Arsenal forward Theo Walcott - who is the only player to surpass his record by virtue of 132 days - departed from St Mary's Stadium to join the Gunners in 2006, Wenger admitted that a deal to sign the two players at the same time was something that the club had considered.
"It was Walcott and Bale [at Southampton] and we were at some stage [considering] taking the two if possible," the Frenchman recalled.
"We could get Walcott and I am very happy we got him. If I tell you the number of players we did not sign who we should have signed, you would be amazed. But it is the same for every single club, you miss players."