The 23-year-old is set to leave Schalke on a free at the end of the season after deciding not to extend his stay at the Bundesliga club and reports this week claimed Arsenal had already agreed a four-year contract with the Bosnian.
However, despite his own uncertainty over his future at Arsenal, Wenger has since dismissed claims that they have signed Kolasinac, saying the club have not even made contact with the defender.
‘We can deny that story at the moment. Nothing has been concluded with anybody.
‘I think it is important we do not talk about transfers.’
With Wenger looking likely to remain on as Arsenal manager next season, the Frenchman is believed to be set for a rebuild over the summer. The left-back position has become a pressing matter in the past few months with many of the Emirates faithful believing Nacho Monreal’s best days at the club are behind him, while Kieran Gibbs is viewed as not good enough for Arsenal.