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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Summer 2016 is set to be a very exciting time for football fans, as this is when the long awaited Euro 2016 tournament kicks off.
Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.