Following two bids for the Liverpool striker rejected - the most recently totalling over £40 million - the Arsenal manager has admitted defeat but has vowed to bolster his squad
The Gunners have already seen two bids for the Uruguayan rejected, the more recent being upwards of £40 million to trigger a supposed release clause, while Suarez is adamant the club said he could leave if the Anfield outfit failed to qualify for the Champions League last season.
But, with Liverpool boss Brendan Rodgers insisting the matter has been resolved following a reported apology from Suarez, Wenger has been forced to look elsewhere.
"Yes," Wenger told reporters when asked if a deal was dead. "Absolutely no chance of that."
Wenger has come under criticism for failing to bolster his squad beyond the early addition of youngster Yaya Sanogo, with concern heightening following a shock 3-1 home loss to Aston Villa on the opening day of the Premier League season.
And the Arsenal boss rued the nature of the window, but vowed to add more numbers to his squad despite watching his charges triumph 3-0 over Fenerbahce in their Champions League play-off first leg.
"It is like a poker game," he continued. "People hold their cards as long as possible and see what is happening out there. In the end, they go for decisions.
"First everybody goes on holiday and nobody wants to do anything. Then in many clubs there are manager changes. They need to know the squad before they make a decision. Many, many things but it is always like that.
"Quality-wise we don’t need anybody but number-wise we are short as I told you yesterday. We lost [Alex] Oxlade-Chamberlain, [Mikel] Arteta and [Abou] Diaby - three international midfielders. That is why we are short.
"We tried to bring one in but we are working on that. You have to understand there is still a long way to go. The transfer market starts for me now and a lot of activity will happen between now and September 2.
"From August 21 until September 2 you have 12 days, so a lot will happen. It starts now."