Reports in the English press on Thursday, claimed that the Gunners are ready to make the Chile international the highest-paid player in the Premier League, to ward off interest from potential suitors.
“I cannot confirm that we have offered that,” Wenger told a news conference on Friday.
“We have to consider our financial potential to sustain the wages of the whole squad.
“What is for sure is that what is paid per week today is what 20 years ago was paid per year.”
Alexis is one of the six nominees for the PFA Player of the Year award having scored 18 goals and laid on 10 assists in the league this season.
“I’m very happy because it rewards a very strong season if you look at the numbers,” Wenger said of his nomination.
“I believe a combination of goalscoring and assists is a sign of the quality of the player.
“He played centre-forward for a while and he has short backlift, good quality of reception, good first touch and the focus needed to score. That means he has a kind of aggressive attitude in the box that allows him to score.
“He likes the ball a lot. He’s more attracted by a wide position because he can get more of the ball. He has to keep that balance between providing and goalscoring.”