Olivier Giroud will not be leaving Arsenal for Borussia Dortmund in the January transfer window, according to Sky sources.
Reports had suggested that Giroud could move to Dortmund on loan as part of a potential deal to take Pierre-Emerick Aubameyang to Arsenal.
However it is now understood that, while Dortmund initially raised the prospect of signing Giroud on loan, Arsenal immediately ruled it out.
Sky Sports News reported on Wednesday that Arsenal had a bid in excess of £50m rejected by Dortmund for Aubameyang.
Speaking on Tuesday, Wenger had said he was neither "confident or not confident" about signing Aubameyang.
"You never know how close you are," he said.
"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."