Fergie criticised Arsenal for having too many foreigners after FIFA president Sepp Blatter proposed restrictions on the number of overseas players in each team.
But Wenger reckons that no top-flight boss should consider it a good idea, reports the Sun.
He said: "I find the whole proposal completely ridiculous.
"But it won't protect the best players, it will protect the mediocre ones and you don't win a World Cup with mediocre players - you win it with world-class ones.
"The best English players - the Rooneys, the Owens, the Gerrards, the Lampards - they are all playing for their clubs anyway.
"FIFA are wrong if they think this will improve international football.
"Look at rugby for example. The Argentina national team - all their players play in Europe, and the national team takes advantage of that.
"Had they all stayed in Argentina, would they have made the semi-finals? To mix the best with the best makes everyone better.
"FIFA is powerful enough to implement the rule internally, if Blatter has the support of the council and his committees.
"I have already had many discussions at UEFA and it looks as though it could happen.
"I don't believe one football coach at the highest level would say it's a good idea.
"A football coach is always confronted with the same problem - he wants to reward good players."