Arsenal are bidding to play in Europe's elite club competition for the 18th year in a row under the Frenchman.
But after Saturday's 2-1 derby defeat at bitter rivals Tottenham they slipped to sixth in the Premier League.
They were without Chile ace Sanchez, 26, who missed the match due to a hamstring strain.
The 18-goal star is due to return tonight for the visit of Leicester though.
And Wenger reckons the £35m hitman reminds him of former Gunners goalscoring great Ian Wright.
"He is a bit like Ian Wright," said Wenger. "His enthusiasm is like that of Ian Wright.
"He is loved by everybody. He is very friendly and bubbly every day.
"He is quieter than Ian Wright, but that is not difficult. And he doesn't get booked.
"He is dynamic and he does both parts of the game. He's important in the team because of that.
"He wins you the ball back quickly as well. The transitions are very good from defence to attack and attack to defence."
Wenger yesterday took another pop at Chelsea boss Jose Mourinho for his stance on Financial Fair Play.
Billionaire Chelsea owner Roman Abramovich was the first to bring mega-spending to the Premier League.
But now Mourinho has become the self-styled champion of balancing the books, calling for Manchester City to be docked points, rather than be fined, if they flout financial rules again this season.
Wenger seemed to suggest Mourinho's new tough stance was a joke, saying: "I think we have a good sense of humour here.
"Look the Financial Fair Play rules have to be respected by everybody and if one club respected always the financial fair play you can underline Arsenal, then we do not have to talk about that.
"You want clear and simple rules for everybody to understand.
"I would like the rules to be clear and that everybody respects it."
