The Frenchman, who has not won a trophy with the Gunners for seven years, believes that being in the Champions League is the only way that the club can attract the "best" players.
"For me, there are five trophies," said Wenger. "The first is to win the Premier League, the second is to win the Champions League, the third is to qualify for the Champions League, the fourth is to win the FA Cup and the fifth is to win the League Cup.
"I say that because if you want to attract the best players, they do not ask, 'Did you win the League Cup?'. They ask you, 'Do you play in the Champions League?'."
Wenger was speaking at the club's annual meeting where supporters aired their frustrations to the coach and the board.