Wenger was in the market for a centre-forward, with Real Madrid star Karim Benzema his top target.
The Gunners also reportedly enquired about Bayern Munich ace Robert Lewandowski and baulked at Paris Saint-Germain hitman Edinson Cavani's £50million price tag.
But in the end Wenger stuck with his existing strikeforce - Olivier Giroud, Theo Walcott, the injured Danny Welbeck and Joel Campbell.
The Frenchman has explained how he believes technological advances in football pitches across Europe has led to the end of the targetman.
REUTERS
Shoudl Arsene Wenger have signed a striker this summer?
"We now produce good technical players because there are nice pitches," said Wenger.
"Before, you played in the park where you had to kick the ball up front and you had to fight. A boy of 12 who played against a boy of 16 had to be shrewd and push to get the ball.
"All those kinds of things have gone. The strikers are South American today. Europe doesn't produce strikers anymore.
"Germany played in Scotland and against Poland with [Mario] Gotze up front.
"He's a creative midfielder. Before that they played with [Miroslav] Klose who is 36. I don't think it's because we [managers] do not want to play with a typical striker but they haven't got one who's really convincing at the top level. Spain won the World Cup with basically Cesc Fabregas centre-forward.
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"People are not stupid – they read how much money the English clubs get.
"Today the value of a player depends on the identity of the buyer only. If a small club goes to buy the same player, the price is divided sometimes by two or three.
"People want always the absolute certainty that they will be successful. It is not like that. I played Nicolas Anelka and people asked me, 'Why did you not buy anybody?'
"Thierry Henry the same. I said, 'Let him play, maybe he will score'. It is not a science that everybody masters and where we can absolutely predict how many goals everybody will get.
"I would rather have Ramsey get 15, Ozil 15, Cazorla 10. Otherwise, if you have only one player who scores, when he is injured, you don't know who will score."
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