The club had been linked with resigning their former forward on loan for the second season in a row.
After the 1-1 draw with Southampton, Wenger said: “I think Thierry goes away somewhere. He is not ready. He has just come back from holiday so at the moment we are not on that case.”
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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.