The Gunners boss has indicated that he will be prepared to spend money after what looks certain to be another trophy-less season at Emirates Stadium.
Reports have suggested Wenger will be given £60million to spend in the transfer market and break a usually frugal approach to his recruitment process.
The Frenchman could keeping an eye on any players Real put up for sale after watching Wesley Sneijder and Arjen Robben leave the Bernabeu and inspire Inter Milan and Bayern Munich, respectively, in the Champions League.
Wenger joked in the Daily Mirror: "I might have to sign Real Madrid's cast-offs this summer."
He added: "It was surprising that they got rid of Wesley Sneijder and Arjen Robben, who have both done well in the Champions League.
"Maybe it's worth waiting outside their stadium and seeing what players they let go this summer!"
Wenger also believes Arsenal have made progress this season after reaching the Champions League quarter-finals and producing a Premier League title challenge that has only faltered after defeats to Tottenham and Wigan.
He told his club's official magazine: "I feel we have made huge steps forward this year compared to last year and the year before that.
"We are not far away. We were fighting for the championship and missed the key moments against Barcelona to knock them out of the Champions League quarter-final.
"I know we have to answer the demands of the people. But this year I feel we have appeased our fans a lot. We have always shown a great attitude, a great response when needed.
"We have convinced people that we are making progress and improvement. When you listened to people at the start of the season they were writing us completely out of the race, so we have improved a lot."