Jensen says he would have been surprised if Wenger had signed Schalke's Julian Draxler in the January window.
He told the Mirror: "Arsene has always been a manager who watches the bottom line.
"He spent a lot of money in the summer bringing in Ozil, I would be surprised if he spent big again with £37 million for Draxler.
"Arsene's philosophy is always to sell on players for big money and to bring through other players he can develop; though bringing back Flamini was a good move. He might not play every game, but he's someone with experience who the manager knows well."