Arsenal, who are now seven points behind Manchester City in fourth place, can not afford another Robin van Persie to Manchester United scenario and are willing to make Sanchez the highest paid player in Premier League history.
The Gunners have lost seven of their last 12 games in all competitions, slipping to nine points behind the top-four following Monday night's defeat to Crystal Palace, but securing Alexis to a lucrative deal would be a huge statement of intent.
"I think at the moment it would be wrong to think about", he added.
The future of Mesut Ozil was also a topic of discussion at Wenger's press conference, and the Arsenal boss confirmed that the club will attempt to try and tie the World Cup victor down to a new contract in the summer.
Sanchez has proven himself to be one of Wenger's most important players this season, courtesy of 22 goals in 41 appearances.
"We will talk in the summer and clear things then".
Even if Arsenal do sign a number of players in the summer transfer window, they need a foundation to build a new team around and convincing Sanchez and Mesut Ozil to stay will be essential.
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"What is important is the club".
"He's been here for 20 years, he's given a lot to the club and I think he deserves respect for what he's achieved".
Arsenal's struggles have been summed up by Ozil's own form of late.
Wenger is delighted with the 28-year-old's contribution this term despite admitting he's often using him out of his preferred position.
'Yeah, we speak in a way like friends are talking and I say to him "come to PSG".
"But that is my body language, that is the way I have always been".
According to Daily Mail, City manager Pep Guardiola wants to sign the player whom he worked with at Barcelona.