Chile forward Sanchez attracted criticism and derision for going to ground and holding his face after blocking Fuchs' throw-in at close quarters, despite replays showing the ball struck him on the shoulder.
Sanchez was booked for encroachment and posted a picture on Twitter afterwards, showing him icing a swollen lip – although Wenger reported this came from a separate incident involving Leicester centre-back Robert Huth.
Speaking ahead of Arsenal's north London derby with Tottenham on Sunday, the Arsenal boss was keen to draw a line under the incident.
"I haven't spoken to [Alexis] after the game. I haven't seen exactly what happened yet," he said.
"I think he was a bit surprised because he was close to Fuchs. He got a yellow card because he was too close.
"It's embarrassing? I don't feel like that."
Sanchez's future has been a source of ongoing intrigue over recent months, much like his manager.
Wenger is yet to announce whether he will remain at Emirates Stadium beyond the end of this season and he did not feel it was time to consider the matter further on the eve of a derby weekend.
"Before a game like that, that doesn't cross my mind at all," he said.
"What is important at the moment is the very short term and the game on Sunday. There's no distraction.
"What's important for me in my life is the next game and how well we can prepare, how much we focus on it and how we respond to what is expected from us."