The 35-year-old club record goalscorer returned to the Emirates Stadium on a short-term loan this time last year and had been lined up for a similar move this January.
However, after much talk, Wenger revealed he will not be returning to the north Londoners.
"I think he goes away somewhere," he said.
"He is not ready, he has just come back from holiday anyway. At the moment we are not on that case."
Asked for clarification, he said: "No (it is not happening)".