Reports have claimed that both clubs have been given a settlement offer from the European governing body of having a wage limit placed on them for next season's Champions League squads.
Earlier reports suggested that a transfer ban could be imposed, but the possibility of being excluded from the elite European tournament was ruled out.
"There are rules to apply for the Financial Fair Play," Wenger said in Friday's press conference. "I want to see that respected.
"If that is not respected, then the Financial Fair Play will have problems to be respected in the future because everyone will just not consider it at all."
The sanctions are expected to be announced next week.