"We are ready to do quick deals but all the transfers do not depend only on us," said Wenger to the Daily Mirror. "But we are prepared to wait."
However, Wenger would not be drawn into talk that would further the Suarez saga, despite being asked about the player's desire to leave Merseyside for greener pastures.
"He must explain that," said Wenger, according to Sky Sports. "I don't know. We are not close to signing Suarez or anybody else so there's no reason why I should talk about it."
However, Wenger believes that the current Arsenal side featuring Jack Wilshere, Santi Cazorla, and Theo Walcott are talented enough to compete for Premier League glory as constructed.
"We still have a strong squad but we are there on the market to try to strengthen our team," added the Arsenal boss. "With or without additions we can be title challengers next season."
However, Arsenal supporters will have reason to fear.
Despite Wenger's optimism, standing pat should not be an option. The Gunners held on to fourth by the skin of their teeth, and with Chelsea, City, and Manchester United all bringing in new blood, Arsenal will need to improve if they are to contend for silverware.
Whether it is the addition of Suarez or the signings of numerous lesser-name players, Arsenal will need to improve their squad or face the possibility of falling behind in the always competitive Premier League.
With no other transfers on the horizon, Arsenal seem prepared to wait for a Suarez resolution. In the meantime, the Gunners will focus on their longtime philosophy of developing young stars.
"Of course we want to do as many top players as we can," said Wenger. "But we also have to focus on the players we have and develop them."
Will Arsenal succeed in capturing Suarez? Do they even need him? Have your say below!