The Gunners boss admits he is still interested in Melo, who he failed to land when the Brazil midfielder left Fiorentina for Juve in a players plus cash deal worth £21million.
The Turin giants would be open to a deal, but are eyeing at least one of Robin van Persie, Gael Clichy and Bacary Sagna as part of any transfer.
Arsenal target: Felipe Melo (left) has struggled to settle at Juventus
Wenger is likely to resist a raid for the first-team trio, though in the summer he was willing to offer Fiorentina Emmanuel Eboue as part of a total package worth £18m.
Juve are unlikely to recoup what they paid for the 26-year-old. Melo has been disappointing and part of a criticised Brazilian trio alongside Diego and Amauri at the underachieving Serie A side.
Swap deal: Juventus want Arsenal star Robin van Persie (left)
Nonetheless, Melo continues to perform well at international level and Wenger watched him play in the Brazil side that beat the Republic of Ireland 2-0 at Arsenal's Emirates Stadium on Tuesday.
'We were interested in Melo during the summer,' said Wenger earlier this week. 'We still think he is a very talented player and with Gilberto Silva, Brazil have a very useful pair in midfield. We are still looking at Melo.'
Flying full backs: Arsenal's Bacary Sagna (left) and Gael Clichy
Juventus have lined up Sporting Lisbon's Miguel Veloso as a replacement, but the Portugal midfielder is highly coveted.
Nani has urged Manchester United to complete a deal for the 23-year-old amid reports linking him to Chelsea, Arsenal and Manchester City.
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