The Gunners face mission impossible as they bid to make the last eight after the current holders ran out 2-0 winners at the Emirates Stadium on Tuesday night.
The potential bonus of their likely Champions League exit is that Wenger can focus Arsenal's resources on pursuing both the Premier League title and retaining the FA Cup.
But asked if he would be tempted to play a weakened team in their second league with Barca, the manager responded: "Barcelona are certainly through, 95 per cent, but we want to go there and play.
"We are Arsenal Football Club and we will not go there to just have no chance.
"Our failure is that the chance was there to beat them, that is the biggest regret I have. Sometimes you can lose against a team and you can do nothing about it, but there was room to beat them."
Original source: Barca are through, says Wenger