Cameroon international Song has been linked with a move to Barcelona, but Wenger revealed that no formal offer had yet been received for the 24-year-old.
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Meanwhile, Turkey star Sahin has been touted as a potential replacement in midfield as the Gunners look to improve on last season's third place finish in the Premier League.
At a press conference on Friday morning Wenger was quizzed over the likelihood of Song's departure and whether he had signings lined up.
The Gunners boss said: "Both can happen. We have six or seven players in midfield, it is an area where we have much more freedom to make decisions.
"If you look at the number of players we have a massive squad. We have what is needed to be ambitious."
When asked about 23-year-old Sahin, Wenger remained tight-lipped but hinted at several potential names, adding: "He is one of the players that we follow."