While Wenger remains hopeful they will stay at the club, he's also very aware that Sanchez and Ozil could leave once the transfer window reopens in January.
Wenger said that there was no deadline on reaching agreement but, when asked if he could "cut" his losses in January, he said: "Once you are in our situation, you envisage every solution".
'I always said the fact that we didn't find an agreement previous year doesn't mean the player will necessarily leave.
"Both players are happy here - I hope the situation can turn around".
"I don't think he will be available before the next worldwide break".
The Germany worldwide is expected to be available against Watford on Saturday, however, although it's unlikely that Wenger will put him straight back into the starting line-up. "It is not happening at the moment" - and Merson's return to football with fourth-tier Welsh club Caerau of Maesteg - "We talk about professional football here".
'I will have to speak to him, ' he said ahead of the match.
Sanchez meanwhile saw his Chile side crash out of World Cup qualifying with defeat to Brazil with the 28-year-old coming in for some physical treatment.
"Mentally, I will have to assess the situation when he comes back tomorrow (Friday)". "I will always appreciate him and I will always wish him the best wherever he goes".
"Sanchez is a lion who wants to play football and I do not expect him to sulk".
Arsenal fans already upset at Sanchez failing to commit himself to the club are now even more frustrated following Chile's World Cup exit.