Sportsmail revealed Arsenal's interest earlier this year and Wenger is waiting to see how the Cesc Fabregas saga unfolds before making his next step.
Wenger intends to keep Fabregas but knows Barcelona will push hard with a £40million offer. If his hand is forced the Arsenal manager will need reinforcements.
Big star: Steven Pienaar is hoping to shine with South Africa at the World Cup
Wenger, who has lined up free agent Joe Cole and also has an interest in Everton's Mikel Arteta, said: 'Pienaar has grown this year. He was usually a very busy player where the final ball was missing a little bit, but this year he has gained in personality and he has kept his work-rate, so he has been much more efficient.
'What also played a big role in his growth was that Mikel Arteta was not there for a while and that he had to take the responsibility of being the playmaker of the team.
Looking up: Pienaar
'He was one of the best players in England this year. He would get into the Arsenal team. I always had an eye on him since he was at Ajax.'
Pienaar is in contract dispute with Everton after failing to reach agreement on new terms. He has one season left and Everton would prefer to keep him prompting David Moyes's valuation of around £18m for the 28-year-old.
The South Africa international has also attracted interest from Tottenham, Liverpool and Chelsea but admits he is flattered by Wenger's comments.
'It's always flattering that one of the best managers in the world says those kind of things about you.' said Pienaar.
'What I need to do is to work week in, week out to keep getting better. I am thankful to Wenger but my aim is still the same: keep improving. As simple as that.'
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