The Gunners offered £40 million for the Uruguayan goalscoring machine but the Merseysiders were not influenced by the huge sum since they really wanted to build a squad that could get them back to the apex of European competition, at the very least.
Speaking ahead of the clash against Liverpool on Saturday, Wenger reiterated that he does not feel any sense of regret for failing to sign Suarez.
"You sometimes have regrets when players who played for you score goals or do well somewhere else," said Wenger.
"But he was never our player, it is a situation that didn't come off and that is it."
However, while further stating that he has yet to reconsider his stance on whether he would to chase the 27-year-old's signature or not, Wenger impliedly admitted that it could still be possible in the near future.
"At the moment no, no," he revealed.
Suarez has tallied a stunning 23 goals in 19 appearances in the Premier League this season, which will make the Gunners manager think deeply.