The 23-year-old is in the form of his life at the moment, scoring his 16th and 17th goals of the season for Spurs, in last night's 2-1 Europa League victory over Lyon at White Hart Lane.
Bale's stoppage time free-kick has given Andre Villas-Boas's side a slender advantage ahead of Tottenham's last-32 second leg clash in France next week, with his match-winning performance further enhancing the Welsh winger's reputation.
However, despite the Spurs star's scintillating performances, Wenger is adamant that he made the right decision to push ahead with Arsenal's capture of Theo Walcott, whom the Gunners signed from Southampton ahead of Bale.
"It was Walcott and Bale, and we were at some stage on (about) taking the two if possible, but we could get Walcott and I am very happy we got him," explained the Frenchman.
"If I tell you the number of players we did not sign who we should have signed, you would be amazed, but it is the same for every single club, you miss players."
Walcott has had a similarly influential role at the Emirates Stadium this season, scoring 18 goals in 30 appearances for Arsenal this season.