Germany international Mertesacker has been a mainstay at centre-back for the Gunners this season and, the Gunners began talks over a new deal for the 29-year-old back in October, with his current contract set to expire in 2015.
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When asked how negotiations were progressing with the duo, Wenger told reporters: "We hope to announce something soon."
As for potential January arrivals, the club have lined up Schalke star Julian Draxler as a primary target as well as Anderlecht centre-half Cheikhou Kouyate, Wenger remained coy insisting that no deals were close to completion and that, if he had his way, he would do away with the winter window.
"At the moment we are not close to signing anybody," he added. "I would sign for the January transfer window to be scrapped completely. The January transfer market will not be busy, it is a low key market this year."