Alexander-Arnold will be leaving Liverpool at the end of the current season after an emotional announcement this week which divided fans who are frustrated by his lack of loyalty to the side. Despite the announcement coming out in the past few days, Wenger believes Real Madrid's pursuit of Alexander-Arnold dates as far back as two years as he spoke to beIN Sports.
"Am I surprised by the timing? Not really because the season is over for them. And overall I think the timing is all right because Liverpool are champions, they are not going for any other trophies and he has to announce it. It gives Liverpool time to look for another defender.
"I still believe that Liverpool (will) lose a great player and it will be difficult to replace because he is a creative full-back and we love them.
"I believe that it shows Trent's transfer, it shows a new transfer game. It's not a transfer anymore, because the big, big players, they go at the end of their contracts.
"Because the wages are so high, you want to buy Marcel (Desailly, co-host) you have to give him so much money and you cannot afford the transfer (fee) anymore.”
During his time at the club the right back won the Premier League twice, the Champions League, FA and Carabao Cups, as well as the UEFA Super Cup and Club World Cup. Wenger believes that despite this success, the Reds are naieve in the transfer market and that clubs who cannot afford current market prices will always try to lure top players away by any means necessary.
"So what do the clubs do? The big club, they say two years before the end of a contract: 'We want to buy you, we're secure, we'll give you this wage and we will try to make an offer to the club'.
"'If it doesn't work, we will come back next time. And then if it doesn't work, we will come back and take you for free.'
"That is what they (Real Madrid) did with Kylian Mbappe as well. Real Madrid approached Alexander-Arnold a long, long time ago."