The Mexico international, who has scored 20 goals in 29 games for club and country this season, has been linked with a Premier League return, with both Arsenal and Liverpool reportedly frontrunners.
But Wenger insists he has enough “quality” in attack without the need to sign the former Manchester United striker.
“No. We have Danny Welbeck coming back now and Alexis Sanchez is back,” said the Arsenal boss.
“We have Olivier Giroud and Theo Walcott, so you would not understand again why I don’t play Giroud and I play Hernandez. We have the quality and the number of players that we need.”