The Sunday Express says Wenger, having accepted the £35m sale of Cesc Fabregas to Barcelona, asked Emirates chief executive Ivan Gazidis to reconsider the club's stance over French international Nasri.
Wenger was also in favour of allowing Nasri to run down his contract, meaning he would be available for what is evolving as a critical season for Wenger and the Gunners.
But the harsh financial facts of receiving £23m for a player entering the last year of his contract was too much to resist for the Arsenal beancounters.
Wenger believed the club was taking a massive gamble, especially with £25 million - the value of claiming a place in the Champions League - at stake in Italy last Wednesday night.
For once the Arsenal board went against their manager and sold Nasri to City, also in the knowledge that the player was anxious to leave.