Borussia Dortmund have rejected a bid in excess of £50m from Arsenal for striker Pierre-Emerick Aubameyang, according to Sky sources.
Aubameyang has been strongly linked with a move to the Emirates, while Olivier Giroud could head to Dortmund as part of a possible swap deal.
Arsenal's club officials have been in Germany as they attempt to negotiate a deal.
Wenger revealed on Monday that he is neither "confident or not confident" about completing the signing.
He added: "You never know how close you are.
Transfer Talk: Can Arsenal land Aubameyang?
Transfer Talk: Can Arsenal land Pierre-Emerick Aubameyang?
"This is the kind of thing - he is one of the possible movements, but we have other things in mind as well. We have plenty of opportunities and the final decision is not made.
"At the moment we are not close to any deal, Aubameyang or anybody else."
The 28-year-old is thought to be in favour of move away from Dortmund and was left out of their squad for the Friday's 1-1 draw at Hertha Berlin.
Sporting director Michael Zorc told Dortmund's Twitter feed: "We have the impression at the moment that he [Aubameyang] has his head on other things and is not fully focused."
Should Aubameyang arrive at the Emirates, he would be reunited with former Dortmund team-mate Henrikh Mkhitaryan, the Armenian having completed a swap deal in which Alexis Sanchez went to Manchester United.