Recent reports have claimed that the Gunners are leading the race to acquire the Brazilian, but the Gunners manager has now rubbished such speculation.
“These reports are wrong," he told reporters when asked about a potential deal for the centre-back.
Luiz has fallen out of favour at Stamford Bridge, and has played just eight times in the Premier League this season, while he is currently suffering from a knee injury.
And although the defender may not be on the Gunners' radar, Wenger claims Arsenal could well attempt to bolster their squad now that the transfer window is open.
"We are out there and [could] look to do some things, yes," he added.
"But when, that is very difficult to say because it does not depend only on us."
It appears, however, that the Gunners may also have to be wary of losing a number of their own first-team stars, with Alexis Sanchez heavily linked with a move to Manchester City.