Cesc Fabregas was one of the most sought after players in last season's transfer window - despite being adamant he was not moving on.
David Moyes launched an ill-fated month long pursuit of the Spaniard, only to land up overpaying for Marouane Fellaini instead.
It was in fact Arsenal who have the best chance of signing Fabregas from Barcelona, thanks to a first option clause in the contract.
Last summer, Wenger confirmed this, stating that the time was not right for a move then, but the midfielder's future could be up for renewed discussion in a year's time.
He told the Evening Standard: "We have the clause in the contract so we would be on alert but at the moment that's not something we're after.
"At the moment, Fabregas has decided to stay one more year at Barcelona."
Fabregas has gone onto enjoy a superb season, with nine goals and 13 assists to his name to date.
His 'one more year' stance at Barcelona may have convinced him to stay further, although doubts over Tata Martino's future have threatened to put him back to square one.
Now, any hopes Arsenal had of bringing the 26-year-old back to The Emirates this summer have surely fallen by the wayside, thanks to the 14-month transfer ban imposed on Barcelona by FIFA.
The sanctions were announced on Wednesday, owing to irregularities in the signings of young players.
So unable to sign new players, unless they succeed in an appeal, Barcelona are not going to be selling a key midfielder.
Long standing midfielders Xavi is said to be entering the twilight of his career, and in Fabregas they have the ideal replacement. Letting him go without being able to bring anybody else in, will simply not be a consideration for the La Liga side, regardless of whether the player himself wanted to move on or not.
For Arsenal, it's perhaps a postponement of an inevitability one day that Fabregas will return, but at present there is no glaring need for him despite the huge talent and impact he could have upon a return.
As Wenger said, if it were a possibility, the Gunners would be 'on alert', but right now it looks like the club will not have to implement any proposed plan of action this summer, as Barcelona simply can't allow him to go at any cost.