Arsenal are believed to be showing interest in a pair of youthful, versatile defenders.
It is understood that Wenger is determined to sign one of the pair during the current transfer window and is prepared to pay up to £12million for either.
Promising City youngster Denayer, 21, has been on Wenger's radar for some time now and the Frenchman feels he may be able to lure him to the Emirates Stadium if Pep Guardiola is successful in his pursuit of Juventus star Leonardo Bonucci.
A source told The Sun that Denayer, who played for Belgium at Euro2016, remains firmly in the sights of the North Londoners.
"Arsenal have been interested before just over a year ago but only bid £5m. There was no follow-up offer at the time, but Wenger is a fan."
22-year-old Dortmund star Ginter is also an option with his ability to play in central defence or at right-back and is seen as a long-term replacement for fellow German Per Mertesacker.