The Barcelona midfielder's cousin had stated that he is unhappy with his role in Spain, but the French manager believes the 25-year-old wants to "give it a go for another year"
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However, Wenger refuted the claim, stating: "There is no buy-back clause.
"I heard he wants to give it a go for another season, which you can understand because it's the first season [with Barcelona].
"I think he is a quality player and sometimes the players have to persist when it doesn't go well and not change their mind too soon.
"My personal advice for him would be to give it another go and after two seasons he can still make a decision."
The midfielder has only made 15 appearances for the Blaugrana this season in La Liga, three of which were from the bench.
"Alex is not happy [at Barcelona]," Song's cousin Rigobert told Calciomercato. "At Arsenal he was a leader on and off the field, he doesn't feel like the protagonist in Spain, it makes him feel bad.
"He still has a long contract, until 2017. I do not think moving away is the right choice. All players want to play all the time but in barcelona it is not easy.
"Alex must have patience. His time will come because he has the qualities to do well."