Arsenal made two formal bids for the Uruguayan in the close-season as they attempted to lure the forward to the Emirates Stadium despite serving a 10-game ban for biting Chelsea defender Branislav Ivanovic.
|13/10||Arsenal are 13/10 with Bet365 to beat Liverpool on Saturday|
"The player has been punished for what he did,” the Arsenal boss told reporters.
"We have high moral grounds and, of course, we take information about the moral level of the players and when there is any restriction about it, we do not buy the players.
"If some clubs were interested in buying him, it's because he played well before as well."
Wenger will come up against Suarez for the first time since bidding for him as second-placed Liverpool visit the league leaders on Saturday.
But the Frenchman did not reveal whether Arsenal would again pursue the 26-year-old in the future.
"I'm not focused on that now," he said. "Look, he plays for Liverpool tomorrow. At the moment, he is doing very well. What is important for me is the players who play for Arsenal, really, not those who could play for Arsenal.
"The details of all that [Arsenal's pursuit of Suarez] will maybe come out one day. Maybe not in my book! In somebody else's book."