The Frenchman announced on Friday that he will depart the club at the end of the season after two decades at the helm, winning three Premier League titles and seven FA Cups.
And Conte paid tribute to his rival, stating that Wenger and former Manchester United boss Alex Ferguson created "really good stories" that will never be matched.
"We are talking about one of the best managers in the world, with a great career with Arsenal. I think he deserves a great tribute for this.
"It will be very difficult to see in the future another manager staying for such a long time in the same club. Alex Ferguson and Arsene Wenger were really good stories for football. Now it would be very difficult to see again another situation like this."
Conte, who reached 100 games in charge of Chelsea against Burnley on Thursday, would not commit to a further century of matches - amid speculation over his future - let alone 20 years.
"It is very difficult," he said. "In the past, you could have a story like the Wenger story, the Ferguson story. Now, you have to live for today.
"To stay for such a long time is not easy. To mention myself, to stay for 22 years in the same club? It is very difficult. You must feel the right sensation to continue to work for such a long time with the same club."
He added on Wenger: "Arsene is one of the managers that has had a great influence in football.
"In every moment, he tried to play good football, to play creative football and offensive football. I think he deserves a great tribute for this."