Van Persie has ended his eight-year stay at Arsenal, joining Manchester United for a fee believed to be in the region of £24 million whilst Song is closing in on a £15m move to Barcelona.
And the Spain international, who made his debut for the Gunners on Saturday as they were held to a frustrating 0-0 draw by Sunderland, has called for Wenger to splash the cash before the transfer window closes.
He told reporters: "It’s clear that he [Van Persie] is a great player, a spectacular player, and obviously we would all have preferred it if he had stayed.
"Song has gone as well and there are still 10 days left in the market. Obviously it’s important to replace players like that because they were so important for the team."
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However, Wenger has defended the club's role in developing players and insisted that the sale of several stars had not contributed to the Gunners' failure to win a trophy since 2005.
“We make the players here. All that have left were made here or made a name here or came here very young. [Cesc] Fabregas, [Gael] Clichy, [Emmanuel] Adebayor, [Thierry] Henry, [Samir] Nasri, all of them," the Frenchman said.
"Song came at 17. I believe part of our club is to influence people’s lives in a positive way. You would prefer to influence it in a positive way for yourself but it does not always happen.
"That is what we face today. I don’t think it is linked at all with winning something or not.”