The Chilean, who has travelled to Basle for tonight’s Champions League clash, wants at least £200 000 a week, a sharp increase on his current £130,000 wage.
But Wenger said: ‘The luxury of the modern game means it should not only be about the money.
‘Because the players, wherever they play, make good money at this level. I believe, personally — maybe I am a bit naive — that it’s more about getting to meet the player’s needs. The way the club has values, the way the club has ambition, the way the club respects the players.
‘For me, that is more important nowadays and an important ingredient for every player to consider. The money is good everywhere.’
Arsenal have secured Hector Bellerin on a new long-term contract and with Mesut Ozil close to signing a new deal, persuading Sanchez to commit is a priority.
The Chile international has scored 13 goals this season, his first as an orthodox centre forward, including five in his last two games,
But Wenger has resisted the temptation to leave his star striker in London for tonight’s game. Arsenal are already through to the last 16 but need a minor miracle to finish above Paris Saint-Germain as group winners. They must win at St Jakob-Park and hope European minnows Ludogorets pull off one of the biggest shocks in Champions League history in Paris.
Nevertheless, Wenger has taken a full-strength squad to Switzerland, but could leave a host of big names on the bench.
‘We have the same squad as we had on Saturday,’ said Wenger. ‘I have to decide the starting XI tomorrow, but I want to win the game and do our job, and continue to win the games we play.
‘We have a squad that is united. When a guy is in good form and has confidence, it’s more dangerous to stop him than to keep him going.
‘You never know what can happen in Paris. PSG are favourites to win, but we can assess that scoreline at half-time and see where we go.’
If Arsenal finish second, they would face one of Napoli, Barcelona, Atletico Madrid, Borussia Dortmund, Monaco or Juventus in the next round.
If they complete mission impossible they would face Bayern Munich, Real Madrid, Benfica, Bayer Leverkusen, Porto or Sevilla.
And Wenger says it wouldn’t be the end of the world if they ended Group A in second place.
The Frenchman added: ‘Is there a difference between finishing first and second? If you look at the teams, not really, no.
‘So we’ll see what happens tomorrow with the final results. It looks quite even, whether you finish first or second.’
Original source: Wenger’s warning to Sanchez