The 28-year-old has less than a year remaining on his current deal, while contract negotiations continue to rumble on between the two parties.
Sanchez, who scored 24 Premier League goals for the Gunners last season, has attracted interest from both Manchester City and Paris Saint-Germain this summer.
Although Wenger is adamant that the Chilean will not leave the Emirates, he is however not so certain about him agreeing fresh terms.
In an interview with SFR Sport, he said: “He’s an Arsenal player in the short term. Now, will we manage to extend his contract?
“We didn’t manage to do that last season so I’m not super optimistic in that regard, but we have the firm intention of not selling him.”
The Gunners have reportedly offered to make Sanchez, the best paid-player in the Premier League .