The Real Madrid striker has been linked with a switch to the Emirates Stadium and the Gunners boss says he will attempt to sign an "exceptional player" if one becomes available
Goal reported on July 14 that the north Londoners were prepared to bid their time until the end of the summer transfer window over a potential deal for the France international.
And Gunners boss Wenger, who was speaking to reporters in Singapore ahead of Arsenal's Asia Trophy final fixture against Everton on Saturday, is not ruling anything out.
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He said: "I don't know where that comes from but it's not happening at the moment, no.
"We don't rule it out doing any more business nor do we guarantee we sign someone. I'm happy with the squad we have.
"If I find an exceptional player to strengthen, I will do it. It depends what's on the market. It's not easy, there are a lot of teams out there in Europe competing for the same player."