The Frenchman refused to confirm whether the Gunners retain an interest in Evans, who first emerged as a target for his side and Premier League pacesetters City during the summer window.
Arsenal boss Wenger has suggested that Arsenal will be unable to compete with their big-spending domestic rivals on the financial front, however, with the bidding likely to surpass the £25m mark.
"We don't have an agreement with anybody. I think the best thing is not to talk," he told reporters. "We will need to see off any interest of any other club, yes. I don't know if Manchester City are in for anybody.
"I don't know what their policy is. If the decision comes to finances against Manchester City, we know we will be second best."
Northern Ireland international Evans, formerly of Manchester United, has featured 19 times for relegation-threatened Albion in the top flight this term.