Michael Essien has suffered numerous injuries in recent years
Reports suggest Wenger expressed to the Blues an interest in loaning Essien for the current season, similar to the deal which saw Yossi Benayoun move from Stamford Bridge last campaign.
However, when pressed on the issue, Wenger insisted the long-awaited returns of Jack Wilshere, Bacary Sagna and Tomas Rosicky from injury would provide Arsenal a greater boost than the addition of Essien.
"Getting our injured players back is the best way for us to strengthen the squad," Wenger said. "We do not just want to bring average players in.
"Spending in itself is not a quality. Buying good players is a quality, better players than you have is a quality."
Essien joined Chelsea from Lyon seven years ago and has since made 163 appearances, scoring 17 goals.