Alexandre Lacazette and Sead Kolasinac are Arsenal's two additions this window as Wenger's side search for an improvement on last season's fifth-place finish.
Lemar and Monaco team-mate Kylian Mbappe are among the players the Premier League side have been linked to.
Asked about Lemar at a news conference on Tuesday amid reports Arsenal have made numerous bids for the 21-year-old, Wenger said he had monitored the midfielder.
"That's all speculation at the moment, there is nothing really concrete about any signing," he said. "He's a player that we have looked at, but the rest is only speculation."
Wenger said he would consider further additions to his squad, who are in Sydney to begin their pre-season tour.
"I am open to get some more signings, but it is not easy to find the players who can strengthen our squad, because we have top-quality players," he said.
"There are two ways to improve always: analyse what we did well last season and what we did not so well and improve that, and then you can bring new players in.
"But at the moment, because we are in pre-season, it is very important for us to analyse well what happened last season and where we can improve.
"We have top quality in our squad, and at the moment I focus on that."