Manchester United have already got the ball rolling by announcing they will sign striker Memphis Depay from Dutch champions PSV Eindhoven.
However, Wenger pointed to last summer's signing of Chile striker Alexis Sanchez from Barcelona as evidence that waiting a while can pay dividends.
"What you want to do more than do it early is to do it right, put it right and make the right decisions," Wenger, whose side are well-placed to finish runners-up behind Premier League champions Chelsea, told reporters ahead of Monday's match against Swansea City.
"Sometimes the opportunity comes up early. Last year we signed Alexis in the middle of the transfer window."
"You have to take the opportunities when they come up but that's not only decided by your desire, sometimes it's created by the club that sells the player as well," he added.
"Alexis was available because they (Barcelona) bought Luis Suarez. They could only buy Suarez at the beginning of July, so you have to always be on alert and do the business, fix your target and do it as well as possible.
"You're not the only one who can decide that."
Wenger said his squad was already "top quality" and said there would not be wholesale signings.
The Frenchman said talks were ongoing with Theo Walcott about a new contract with speculation that the England forward might be allowed to leave this summer.
"When you go into negotiations with a player it is with a desire for him to stay," Wenger said. "He looks keen to do it and I am keen to do it, so let's see what comes out."
He is also keen to keep right back Carl Jenkinson, who has been on loan at West Ham United this season.
"I met Carl this week to speak about his future," Wenger said. "We will sit down together at the end of the season, but my target is to keep him here at the club.
"He has had a great season for me and he has moved forward and overall he has gained a lot of confidence."
Arsenal are level on 70 points with Manchester City but have a game in hand of the deposed champions.
(Reporting by Martyn Herman; Editing by Amlan Chakraborty)
Share
