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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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.