Alexis Sanchez was left out of Arsenal's Premier League squad to take on Bournemouth on Sunday - and was very much missed.
The Gunners were beaten 2-1 in the absence of the Chilean forward, who is tipped to leave north London this January.
Manchester United and Manchester City are fighting over the 29-year-old's signature this month, with the Red Devils in pole position to land him.
Sunday's defeat was perhaps a sign of things to come for Arsenal, who have lost their last three Premier League games without the Chilean in the squad.
Wenger explained why Sanchez didn't travel with the rest of the team to the south coast for the Premier League clash at the Vitality Stadium.
"Don't read too much in it because even I don't know really what way it will go," the Arsenal manager told Sky Sports.
"His situation is not completely decided one way or the other. You want to focus on the players who are on the pitch."
After the game Wenger added: "If Sanchez goes we need to replace him. When you looked at today we missed many players and you see that they have a big weight in the team.
"Will he go or not? I don't know. At the moment it's the transfer window and in this period we try to use the players who are focused on the club."
Arsenal are attempting to land Bordeaux forward Malcom as a replacement for the departing Sanchez, and are expected to make a £35million bid for his services.
The youngster representatives are apparently in the UK to thrash out a deal for the Brazilian, which will pave the way for Sanchez's exit.