The Frenchman is open to the idea of reinforcing his squad but will only do so if it is someone he feels would dramatically improve the Gunners' chances of winning silverware
The Premier League leaders secured arguably the biggest capture of the close-season in England when they paid a reported £42.5million to bring Germany international Mesut Ozil to the club from Spanish giants Real Madrid.
The likes of Aaron Ramsey, Ozil and Olivier Giroud have since produced a series of impressive performances this season, helping the club to set the title pace as they head into 2014.
But Arsenal have been light on options in the forward department and, as exclusively revealed by Goal, Wenger has drawn up a list of five forwards he feels would improve the Gunners' front line going into the second half of the season.
That shortlist is headed by Atletico Madrid's Diego Costa and Bayern Munich frontman Robert Lewandowski, and Wenger has admitted he is looking to bring a top signing if he can.
"I don't know if we will do anything. We are on alert and if something special comes up we will not turn it down," he said.
"We are not desperate because we have a big depth in the squad, we have shown that. The midfield at West Ham and Newcastle United was completely different. We changed three players and had a very strong team."
However, Wenger has ruled out a renewed approach for Liverpool striker Luis Suarez after a summer pursuit that grabbed the headlines this year.
"There won't be any approach (for Suarez). He has signed a new contract. (Nicklas) Bendtner is back, (Lukas) Podolski is back."