The £17m-rated Frenchman has starred for Sevilla in La Liga this term, and attracted interest from a host of Europe's top clubs - including Chelsea, Manchester City and Real Madrid.
The 20-year-old Sevilla midfielder joined the Spanish club from Lens at the beginning of the season, and his impressive performances have alerted Wenger.
Speaking to The Sun, Wenger said: "I don't really want to talk about Kondogbia too much because everyone's after him at the moment.
"When you ask 'Are you also interested?' what do you expect me to say?"
The France under-20 international has made 18 starts in La Liga this term, scoring once. But Wenger has identified Kondogbia has a long-term replacement for Alex Song.
The Cameroonian international left for Barcelona last summer, with Mikel Arteta, Aaron Ramsey, Jack Wilshere, Tomas Rosicky and Abou Diaby left as the Gunners first choice midfielders.
Kondogbia could be the man to fulfil that position at the base of the Emirates Stadium midfield vacated by Song, although Arsenal can expect competition from the likes of Real Madrid for his signature.
But the Gunners could also face a fight with their Premier League rivals, with Chelsea and Manchester City tracking the Frenchman.
City boss Roberto Mancini has urged his side to sort out their transfer business early this window, while Chelsea have been tipped to spend big in an effort to get back in the title race next term.