Wenger wants a new number one and this has been confirmed by his pursuit of the Australian custodian.
Despite being 37, the former Middlesbrough shot-stopper is still considered one of the Premier League's best and he played a huge part in Fulham's resurgence in the past couple of seasons.
Now Wenger is hoping he can strike a deal with Fulham, although they have rebuffed Arsenal's opening advances.
"We have made an enquiry for him and they are not prepared to sell him so we have gone away," Arsenal chairman Peter Hill-Wood told the Daily Star.
"We can only hope they will change their minds, but at the moment it doesn't look like it."
Meanwhile, Hill-Wood has also confirmed that Arsenal will not be meeting the demands of William Gallas - who is out of contract at the end of this month.
The French international wants at least a two-year deal, which goes against Arsenal policy as they generally do not offer more than 12-month contracts to players over 30.
At 32, Gallas has only been offered a one-year extension - which he has thus far refused to sign.
"He is asking for too much for too long," he said. "Players are going to have to learn some time that money doesn't grow on trees."