The news comes as Arsenal are preparing for the second leg of their Champions League last 16 tie with Bayern at the Allianz Arena, with the Gunners looking to overturn a 3-1 deficit.
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However, Hoeness has been full of praise for the Frenchman and has admitted the club have repeatedly tried to lure Frenchman in the past.
"We did try to get him at Bayern Munich a few times," he told The Sun.
"Even before he went to Japan, Franz Beckenbauer and I went to Nice and discussed with him and everything was clear, but then at the end of the day he decided to go to Japan.
"We were very surprised. From Japan he went to Arsenal and over the years, whenever we were looking for a new coach, Wenger was always one we considered.
"He’s a very serious person, very strong and has a very good idea about the game. There have been a few moments where we have discussed his name over the years.
"He has always remained loyal to Arsenal which is fantastic behaviour. But it is true we wanted him at Bayern a few times."