Wenger lost out to Italian giants Napoli in the race to sign the striker from Real Madrid.
“We were working on two or three targets and he was one of them,” Wenger told Arsenal’s official website.
“It didn’t come off in the end, that doesn’t take anything away from his quality.
“Napoli took advantage of that at the right moment, it’s more about timing as well.
“In the end Real Madrid sold two great players, one of them went to Napoli, one [Mesut Ozil] went to Arsenal so it’s 1-1 on that front.”
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The start of the 2017-18 Premier League season is just around the corner and is shaping up to be one of the most competitive yet.
As always it is the so called “big clubs” that have splashed the most cash in the transfer window so far this summer. Manchester United or City? Arsenal or Tottenham? Who are the winners and losers of the transfer window so far?