Arsenal, runners-up last season, are trying to sign Vardy, triggering a release clause in his contract with a bid of about 20 million pounds ($29.1 million), British media reported..
"I don't think that he will be a starter. I don't say this because he does not have the quality, but because he doesn't have enough experience at that level to say the whole tournament will depend on Vardy," Wenger told beIN Sports.
Vardy is preparing for Euro 2016 in France, which starts on Friday, at England's training base in Chantilly. Roy Hodgson's side open their Group B campaign against Russia on Saturday before facing Wales and Slovakia.
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Vardy, who became the first man to score in 11 successive Premier League matches last season, joined Leicester for 1 million pounds from non-league Fleetwood Town in 2012.
(Reporting by Ian Rodricks in Bengaluru, editing by Ed Osmond)
