According to reports in Colombia, the 21-year-old midfielder was set to fly to London to finalise a £15.8 million switch to the Emirates Stadium.
But Wenger has rejected the speculation, but admitted he intends to further bolster his squad following the arrivals of Calum Chambers, Mathieu Debuchy, David Ospina and Alexis Sanchez.
"That is wrong," he said of the reports, but added: "I'm very happy [with our business] and I'm still open to do more. I think August 15 to 30 will be busy again."
Regarding possible departures, Thomas Vermaelen remains a target for Manchester United despite Louis van Gaal having an opening offer of £6m rejected and Wenger admitted there is still time for the captain to leave.
"Thomas Vermaelen is injured. It is a possibility that he goes," the Frenchman added.
Wenger was speaking ahead of Arsenal's annual Emirates Cup pre-season competition, which is expected to include the debuts of the likes of Alexis, and Wenger confirmed Joel Campbell is also set to feature.
He continued: "Yes, Joel Campbell is part of my plans. He might play tomorrow against Benfica."