The North London outfit are said to have had two bids, one of which amounted to £40,000,001, rejected in last year's summer window.
While the Uruguayan international tried to orchestrate a move away from Anfield, the striker has since performed a U-turn by recently signing a new long-term contract.
Despite the Gunners' interest, Wenger has hinted that the Premier League leaders will not revive it at the end of the current campaign.
"Sometimes you have regrets when a player who played for you and scores goals or does well somewhere else," Wenger said in a press conference. "[Suarez] was never our player. It is a situation that didn't come off and that's it.
"For us, the important thing is to win the game [on Saturday]. What happened in the summer has nothing to do with that."
Suarez has netted 23 goals in 19 appearances for Liverpool this season.