Wenger has made Monaco ace Lemar his main target after completing the club record deal for Alexandre Lacazette.
Lemar had an impressive 2016/17 season for Monaco, making 34 league appearances as they beat Paris Saint Germain to the Ligue 1 title.
The 21-year-old is understood to be keen on joining the Gunners and working under Wenger but Monaco are extremely reluctant to lose him after selling Bernardo Silva and Tiemoue Bakayoko in the transfer window.
Arsenal predicted starting XI with Thomas Lemar Fri, July 7, 2017
How could Arsenal line up if they signed Monaco starlet Thomas Lemar?
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How might the Arsenal starting XI look with Thomas Lemar?
Lemar is understood to be keen on joining the Gunners and working under Wenger.
Nevertheless the Telegraph say Wenger's sole transfer focus is now on bringing Lemar to the Emirates.
And the report suggests Lemar's possible arrival may mean Alexis Sanchez is allowed to leave.
Sanchez sparked fresh speculation yesterday when he told reporters in Spain he wanted to play in the Champions League.
Arsene Wenger is desperate to sign Thomas Lemar
He said: "The truth is that the decision doesn’t depend on me.
"I have made my decision, but now we wait for a response from Arsenal. It depends on them, I have to wait to know what they want.
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"My idea is to play and win the Champions League, it is a dream I have had since I was little."
Wenger does not want to sell Sanchez and will make a final decision on the Chile star if Arsenal are able to bring in Lemar.