Wenger admitted a bidding war could help Arsenal but said that was not the current situation.
The Arsenal boss, whose side travel to Bournemouth on Sunday, said Sanchez would only be allowed to leave if they could get a new signing over the line.
"Of course I want a quick resolution," he told reporters at Arsenal's north London training base.
"Is he (Sanchez) replaceable in the way that we find exactly the same player? Certainly not, but there's always a way to find a different balance.
"Alexis is an exceptional football player, he's a world-class player and if that happens (and he leaves) we have to find a different balance in the team."
Theo Walcott is another Arsenal player poised to leave this month, with Everton manager Sam Allardyce revealing on Friday that they are hopeful of sealing a permanent deal.
Wenger said he does not want the 28-year-old to leave, but conceded he cannot guarantee the forward playing time and an unlikely route into Gareth Southgate's England squad for the World Cup.
"Sam Allardyce has made that statement but Theo Walcott is here," Wenger added.
"I have a good relationship with Theo and I don't want him to be frustrated or lose an opportunity to go to the World Cup."