It was reported earlier this week that the Gunners are preparing to step up their efforts to land the talented 20-year-old as they ready themselves for life without Alexis Sanchez.
Ozil has linked with a move to several big clubs, including Real Madrid and Manchester United.
United have also been linked with the Brazilian, who has scored seven goals and assisted four in 18 Ligue Un games this season.
Wenger says there are two major factors that will decide whether or not they can get the other two players to renew their deals- earning money and winning trophies. "We are not on that case at the moment", he told a news conference on Friday.
"I don't rule it out - at the back, in midfield or upfront", he said.
Wenger, though, insists the situation could not have been handled differently.
And Wenger, whose side travel to Bournemouth on Sunday as they return to Premier League action, admitted that the Chile worldwide will only be allowed to leave if they can get a new signing over the line.
"I want him to stay for longer because he's a very important player for us".
And while the Gunners are open to bringing in players, Wenger claimed Malcom is not a priority target.
If Sanchez was to leave this month, then Arsenal would look to accelerate any deal for Malcom, who has quickly turned into their number one target to replace Sanchez.