Frenchman insists that a sponsorship deal should be at the "market value", and believes that the Eastlands outfit need to respect the rules made by the European governing body
The governing body of European football took measures to ensure that clubs spend within their means, to protect the long-term viability of European football.
The Eastlands outfit have spent heavily in the past few transfer windows, bringing in talent into the club at high prices.
However, Goal.com exclusively revealed that City were in negotiations to complete the sponsorship deal, which is believed to be in the region of £400 million.
Now that the club have confirmed that they have agreed a new deal that includes the naming rights for their stadium, Wenger is quoted by The Mirror as saying: "It raises the real question about the credibility of the Financial Fair Play. That is what it is all about.
"They give us the message they can get around it by doing what we want.
"It means the Financial Fair Play will not come in. It is as simple as that.
"I can understand how they do it but it raises the real question - the difficulty and the credibility of the Financial Fair Play is at stake.
"The sponsorship has to be at the market price if the Financial Fair Play is to have a chance.
"The sponsorship has to be at the market price, it cannot be doubled, tripled or quadrupled. That means it is better we don't do it and leave everybody free. That can be defended as well, but if they bring the rules in they have to be respected.
"He [Michel Platini] is very strongly determined on that. He is not stupid, he knows that some clubs will try to get around that.
"At the moment I believe they are studying, behind closed doors, how they can really strongly check it.
"That is his big test, yes. I don't know if it is the market price."