Sanchez's current deal expires at the end of the season and Arsenal are understood to be considering the possibility of cashing in on the Chilean rather than losing him on a free transfer in the summer.
City are reportedly readying a formal £35m approach for the 29-year-old, but Wenger confirmed that there is yet to be any dialogue between the two clubs this month.
When asked whether there had been a bid, Wenger told reporters: "No. I expect nothing. I am focused on tomorrow's game. When solicitations happen you respond to it. At the moment it's very quiet.
"I have nothing to add. What is the most important thing is to be professional and to perform no matter what the environment is.
"It's not a big influence on the performance of our team. I have not decided yet [whether he will play]. I will decide today or tomorrow morning."
Arsenal take on Chelsea in the first leg of their EFL Cup semi-final on Wednesday evening.