The Gunners boss has indicated that he will be prepared to spend money after what looks certain to be another trophy-less season at Emirates Stadium.
Reports have suggested Wenger will be given £60million to spend in the transfer market.
The Frenchman is keeping an eye on any players Real put up for sale after watching Wesley Sneijder and Arjen Robben leave the Bernabeu and inspire Inter Milan and Bayern Munich, respectively, in the Champions League.
Wenger joked in the Daily Mirror: "I might have to sign Real Madrid's cast-offs this summer."
"Maybe it's worth waiting outside their stadium and seeing what players they let go this summer!"