The France midfielder has been heavily linked with a move to the Emirates Stadium this summer with speculation gathering that he will be signed as a replacement for Alex Song.
Wenger had previously cooled his interest in M’Vila amid reports of disruptive behaviour whilst on Euro 2012 duty with his country earlier this year.
North London rivals Tottenham Hotspur and Zenit St Petersburg are also keen on the talented 22-year-old with Andre Villas-Boas admitting they had been tracking the player.
Spurs pulled the plug on a potential deal after failing to agree a fee with Rennes with general manager Pierre Dreossi stating the defensive midfielder won’t go for less than their £15million valuation but revealed the Gunners are still in the running.
“For the moment, there are three offers”, Dreossi told French radio stationRMC. “There is no agreement. We enter negotiations this week and hope to find a solution.
“Arsenal? Maybe, you’ll have to call Arsene Wenger. I think Arsenal will look for a player in this position. He could go there or to a club which sells Arsenal a player.”
Wenger revealed he still chasing two more signings before the transfer window closes after seeing Song complete his move to Barcelona yesterday and Robin Van Persie join Manchester United last week.
The Arsenal chief has already brought in Lukas Podolski and Oliver Giroud to fill the Van Persie void and wants to add Nuri Sahin to strengthen his midfield whilst a defender is also on his shopping list.
“We are looking to bring one more midfielder in of course, and maybe one defender as well because we still feel we are short in some positions,” he told the clubs official website.