Wenger, who is known to have turned down several offers to manage the Spanish giants, was critical of Los Blancos' approach to player recruitment.
Speaking to French publication L´Equipe, Wenger said: "[Real Madrid] have entered the modern path. They need new faces. [They have an] addiction to headlines.
"For me, consistency in the results depends on the cohesion within the club. Throwing everything out, all the time only makes sense if you have hyper unlimited revenue. Then you can win. If not you're done."