"It's always possible when players are in final year of contract [to renew]", the Frenchman added.
Ian Wright and Alan Pardew discuss the future of Alexis Sanchez and whether his performances last season were influenced by off-field speculation. However, the Arsenal manager admitted disclosing details of any negotiations could do more harm than good.
But Wenger said he had not heard from PSG president Nasser Al-Khelaifi and referred to French media reports suggesting PSG are more interested in signing Monaco's Kylian Mbappe.
The defender scored his first Gunners goal on his competitive debut for the club as they beat London rivals Chelsea 4-1 on penalties - following a 1-1 draw - to lift the Community Shield.
Ozil is a doubt against Leicester, however, along with Aaron Ramsey, Per Mertesacker and Shkodran Mustafi, while Laurent Koscielny is suspended.
For the first time since 1997, Arsenal are going into a season without Champions League football and Wenger has pledged to rest players in the Europa League.
After going into last season as defending champions, only for a close shave with relegation to cost manager Claudio Ranieri his job, Leicester are targeting stability under Craig Shakespeare.
However, numerous supporters carried a particular favourite to be the first goal scorer and have predicted that record signing Lacazette will be the first player to find the back of the net on Sunday. If you look at the top six from last season, it will be hard to break into that. Danny Drinkwater (thigh) and Robert Huth (ankle) are also out.
"He still needs to adapt to the intensity of the game but overall he had very interesting moves and I believe that after what we have seen [against Chelsea] he will become stronger and stronger".
"The game does not tolerate as many weaknesses as it did 20 years ago".