Wenger is also considering whether to bid for Celtic midfielder Victor Wanyama, West Ham's Mohamed Diame or even renewing previous interest in France international Yann M'Vila.
Arsenal's transfer fund stands at about £40?million, although Wenger is wary of the value and quality on offer in January and is likely to wait until late in the window before making formal bids.
Consecutive defeats against Manchester City and Chelsea have left Arsenal in sixth place in the Premier League, seven points adrift of Tottenham in fourth place and four points behind Everton. Arsenal have never finished beneath Spurs or out of the top four in Wenger's 16 years at the club but he acknowledged it would be a "tough" challenge to maintain their Champions League status.
"You have plenty of candidates," he said. "Tottenham and Everton, who are fighting in there as well. I think we will do it but we cannot waste any points now. Last season we came from further behind. That gives me confidence but it is also frustrating as we don't want to be in this position. It should not be different this season but it will be tough."
Theo Walcott pinpointed a collective lack of belief this week as an explanation for a points tally which has never been lower under Wenger at this stage of a season. "I agree with him," Wenger said. "The players come out [after the Chelsea game] and think 'we could have done better'.
"When you look at the first half we lost goals we shouldn't lose, 50-50s you cannot lose in big games. You have to go with a mentality in big games based on belief and total commitment.
"What is worrying is just that we're not winning the big games. That is more worrying than the difference of points. When you see us in the first half and the second half, it's difficult to believe it's the same team. That is more worrying for me."
Asked if this was becoming a trend, Wenger said: "This season you have to say yes. You want to win your big games and turn up with a committed attitude. Last year we could win big games and on Sunday you come out of the game and think 'what is happening?'.
"I don't question the players' character. They want to do well and are focused but maybe a bit too respectful in the big games of other teams. Every time we start to show what we can do it is when the game is already lost. That is what we have to change. There is no untouchable team in the country at the moment."
Wenger also addressed reports that he held a team meeting on Monday in which he warned the players of the danger of missing out on Champions League qualification.
"I don't talk about what's happened inside," he said. "We live in a world where you do not have to come into our sleeping room to know exactly what happens.
"It becomes a little bit ridiculous now that every single moment of a football club has to be absolutely public and explained. We have to stand up for our bad performances but not for everything we do inside the club."