The pair were together at French side Caen two years ago.
But Lemar joined Monaco for £2m and Kante moved to Leicester in a £5.6m deal that summer.
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Alexandre Lacazette (Lyon)
Both players have gone on to have successful careers, in particular in Kante's case as he won the Premier League with the Foxes in his first season.
The 26-year-old then joined Chelsea last summer and has been pivotal in their league title push this term.
Thomas Lemar and N'Golo Kante at Caen
Wenger has made no secret of his admiration for Kante, suggesting the midfielder chose more money at Chelsea over moving to the Emirates.
While Lemar could exit the Ligue 1 side at the end of the season after an impressive season alongside similar in demand players Tiemoue Bakayoko, Fabinho and Kylian Mbappe.
N'Golo Kante won the Premier League with Leicester
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Monaco midfielder Thomas Lemar
But Favard has claimed Arsenal had a chance to sign both players in a cut-price deal before their rise to prominence.
The L'Equipe journalist is quoted as saying: "We all know the story.
"2 years ago he (Wenger) had a deal for Thomas Lemar & N'Golo Kanté for €15m."