The News of the World claims Wenger is ready to sell Adebayor to AC Milan for around £30million in the summer.
The Togo international was heavly linked with a move to the Rossoneri last summer, but instead signed a new contract with the Gunners.
Adebayor has failed to impress at the Emirates Stadium this season, scoring only ten goals so far for the club.
Wenger said: “I did make a mistake in, perhaps, under-estimating the harmful effects of last season.
“The Adebayor business: ‘I’m going, I’m staying, I’m going, I’m staying’ was an important factor.”