The Belgian joined Chelsea from Lille last month and Wenger concedes that the Champions of Europe's financial muscle was too much for the Gunners in their pursuit of the attacking midfielder.
Wenger said: "Hazard we would have considered, yes, because we were a long time on the case, but there was such a competition for him - Man City and Chelsea, they fly a bit higher in the sky.
"I tried. Two years ago, we were in touch with Lille, but they never wanted to sell him.
"Hazard is still a very young boy, and is a guy who has something special as you have already seen."
Arsenal travel to Stoke City on Sunday afternoon in the Premier League.