The Frenchman is keen to keep the winger but says depending on circumstances he may sell the Englishman.
“I still hope to sign him and the next two months will be vital because after that, the longer this situation lasts, then the more difficult it is,” said Wenger.
“Let’s hope we can find a solution in the next two months.
“Would we consider selling Walcott in January? It will depend on the needs of the team and the club. We can afford to go to the end of the contract if needed.”
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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.