The Arsenal manager feels the Bavarians have some way to go before becoming European champions ahead of the likes of Barcelona
The Bavarians progressed to the quarter-finals of the competition on the away goals rule after recording an impressive 3-1 first-leg win over Arsenal in London, but the Frenchman feels die Roten cannot go the distance.
"I don't know if Bayern are ready to win the title," he told ZDF after the match.
"We have played Barcelona twice in recent years and believe me, they are the best team."
Reflecting on the match, Wenger voiced his pride with his side's performance in Germany, but rued their failure to produce a credible showing at home three weeks ago.
"The hope was always there. We scored the second goal too late, but we felt Bayern were nervous," he continued.
"We won, but we played badly in the first match and we paid for it. Qualification is over 180 minutes and we played badly for the first 90."
Arsenal will now turn their attentions to their Premier League trip to Swansea on Saturday.