The Gunners' star man is yet to commit to the club and has only 14 months remaining on his current deal with Chelsea, Manchester City and Paris Saint-Germain all understood to be interested.
Reports on Thursday suggested the club have now offered him fresh terms that would make him the highest-paid player in the Premier League.
But when asked if there was any truth in such talk Wenger preferred to keep his cards close to his chest.
“I cannot confirm we have offered that," he said at his weekly press conference ahead of the clash with Middlesbrough on Monday evening.
“Secondly, we will do as always and consider our financial potential and pay the whole squad.”
Sanchez has been outstanding this season netting 18 goals in all competitions despite the team's high profile problems around him.
Wenger is delighted with the 28-year-old's contribution this term despite admitting he's often using him out of his preferred position.
“He played for a while centre-forward and has the focus needed to score. He plays with an aggressive attitude.
“Fortunately, he’s a player who likes to touch the ball a lot.
“He prefers to play wide than up front. He can get more of the ball. He has to keep the balance between providing and goalscoring.”