Mbappe has reportedly been on the radar of a number of European heavyweights following an impressive breakthrough campaign last time out, netting 15 times in Ligue 1 to help his side to the title.
It was suggested on Friday that Arsenal had upped their offer for the France international, tabling a nine-figure sum in an attempt to win the race for one of the hottest properties in world football.
Wenger has rejected these claims, however, and has all but ruled the Gunners out of the race to sign Mbappe during the current transfer window.
"That's not true. People have a big imagination," he told reporters. "What we know now is that Mbappe is over £100m and after that it's free to imagine what you want.
"But we have not made any offer. I think he will stay, it looks like that. One more season. Maybe he has too much choice. In the end, people don't move."
Mbappe has admitted that he is unsure where he will be plying his trade next term, with Real Madrid and Manchester United also previously linked.