The Gunners lost the race to sign the 26-year-old from Fiorentina last summer as the Brazilian joined Juventus.
“We were interested in Melo last year,” Wenger said in the Daily Telegraph.
“He has not had the season that everyone predicted he would.
“But we still think he is a very talented player. We are still looking at him.”
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Liverpool have unveiled their new home kit for next season, sticking with the hugely popular retro styling of the current shirt.
The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.