Mbappe has been linked with Arsenal and Real Madrid after scoring 15 goals to fire Monaco to the Ligue 1 title, as well as hitting six goals in his side's run to the semi-finals of the Champions League.
Wenger previously indicated that he would be interested in signing the precocious 18-year-old, but the Frenchman now thinks Mbappe will still be in Ligue 1 for the new season.
"It looks like that,” Wenger told reporters when asked if Mbappe would stay at Monaco. "Maybe he had too much choice, so in the end people don't move."
Reports in Spain claimed Arsenal had made a world-record bid of £123 million for Mbappe, but Wenger denied that was the case.
"That's not true," Wenger said. "People have big imaginations. What we know now with Mbappe is it's over £100m, after that it's free for everyone to imagine.
"But we have not made any offer. I think he will stay, it looks like that, for one more season."
Mbappe teased fans on Friday when he made a "big announcement" regarding his future via social media, but it turned out the teenager was merely unveiling his new boots.