"We are open in any position for the exceptional player who can give us a plus," Wenger told a news conference on Tuesday.
"It depends a little bit on the injuries as well and, on the other hand, I must say it depends on who will manage to extend the contracts of the players who are on the end of their contracts in June.
"We will have to take the consequences of these decisions and respond to them."
Sanchez and Ozil have been vital to Arsenal's success in recent years but could leave in the ongoing window to avoid becoming free agents later in the year.
Media reports have linked the Chilean forward with a move to league leaders Manchester City while several clubs are linked with the German playmaker, including Manchester United and La Liga side Barcelona.
Wenger believes that even if the duo leave this month, Arsenal have the resources to compensate with quality signings of their own as they have done in the past.
"We have not lost anybody yet and, secondly, we will respond to that by bringing in players of top quality. We have not been contacted by anybody (about Sanchez or Ozil)," Wenger added.
"This club has lost many, many big players and has always responded well. Massive players have left this club and the club will always be in a strong position (afterwards). You want to keep your best players, yes."
Defenders Sead Kolasinac and Nacho Monreal are out of Wednesday's league game against champions Chelsea with ankle problems while Ozil and Laurent Koscielny are doubtful due to a knee and Achilles injury, respectively.
Chelsea drew with Arsenal in September's league match at Stamford Bridge and are currently seven points ahead of the fifth-placed north London club.
(Reporting by Aditi Prakash in Bengaluru; Editing by Christian Radnedge)
