The Gunners made history during their last Premier League title triumph as they negotiated an entire top-flight campaign without suffering a defeat.
That achievement has not been matched since, but City have made it through 17 games unscathed this term – setting a new record with 15 successive wins along the way .
Wenger has not sought to rubbish those efforts, but he has pointed out that Pep Guardiola has considerably more funds to work with than he did when taking on the same challenge.
“We had no petrol but ideas, they have petrol and ideas,” said the Frenchman.
“It can happen but there is still a long way to go.
“At the moment I think everything goes for them inside the games but maybe as well they have the quality to turn it in their favour.
“They have resources. Money and quality is what I wanted to say and in their management and players they have everything that is needed to be successful.
“It’s still not easy, they still have to respect that achievement.”
While City have swept aside all before them this season – losing just one dead rubber in the final round of group stage fixtures in the Champions League – Guardiola has endeavoured to curb expectations.
The former Barcelona and Bayern Munich boss considers his side’s current run to be an “exception”, with it highly unlikely that they will emulate an iconic Arsenal side .
He told reporters ahead of a home date with Tottenham on Saturday: “That's [going unbeaten] not going to happen.
“That belongs to Arsene Wenger and his amazing Arsenal in 2004. We are going to lose games.
“Today there's a completely different intensity in a lot of games. Now what happened now is an exception. It is not normal what we have done.
“We are so happy and will try to fight and maintain it as long as possible, but that is an exception. People, teams and players lose games, that's going to happen.”