The French coach has been adamant that his star attacker will not leave the Emirates this summer, despite failing to agree fresh terms.
Bayern Munich and Paris Saint-Germain have previously been linked to the Chile international, while Manchester City are said to be considering a £60m swoop before the transfer window shuts in just over two weeks' time.
Sanchez recently hinted that he would be open to a move after insisting that he wants to play Champions League football - something that Arsenal cannot offer as they finished in a Europa League spot last season.
Wenger has now suggested that Sanchez will run down his current contract, which means that he will be able to leave for nothing next summer.
During a press conference, the Frenchman told reporters: "He is a player who goes into the final year of his contract. We have not progressed on that front."