The 26-year-old had been a target for the Gunners this summer but their bids proved unsuccessful as the Anfield outfit refused to sell to a domestic rival, with the Uruguayan now resigned to staying on Merseyside.
|16/1||Arsenal are 16/1 with BetVictor to win the Premier League
The arrival of reported Madrid target Suarez at the Santiago Bernabeu, however, could free Benzema to move to north London, a chain reaction Wenger has acknowledged.
“That's part of the fact you need three agreements for anybody,” the French boss told reporters. “It's true that it is sometimes connected with other clubs. But we have to accept that.”
Wenger, who has made only one signing so far this summer in Yaya Sanogo on a free transfer, remains adamant Arsenal will strengthen before the end of the window.
“We have our targets, we will try to achieve that and I am confident we will get there,” the 63-year-old continued. “We will not go into the new season with only the number of players we have.”
Although Arsenal's move for Benzema hinges on Madrid securing a replacement, a deal for Argentine winger Angel Di Maria is thought to be more advanced.