Villas-Boas left Tottenham by mutual consent on Monday following Tottenham's 5-0 defeat at the hands of Liverpool amidst rumours of tensions between him and chairman Daniel Levy.
The 36-year-old was also criticised for his perceived lack of success with Tottenham's seven summer signings, who joined the club for a total outlay of over £100 million to compensate for the loss of Gareth Bale.
The Portuguese boss became the 9th manager to come and go at White Hart Lane since Wenger took over at Arsenal in 1996, with Tim Sherwood taking charge of Spurs' 2-1 defeat in the Capital One Cup against West Ham in mid-week.
Despite the heavy defeat against Liverpool and the 6-0 drubbing at Manchester City earlier this month, Spurs are only five points off the Champions League qualification places in 7th.
Villas-Boas left the club with the best win percentage of any Tottenham boss since 1899 - and Wenger believes it was a mistake on Levy's part to let the former Chelsea coach leave.
"You need time, yes," he said when asked about Tottenham's decision to change manager yet again.
"Look, when I said to you at the beginning of the season that when you sign more than three players you take a technical risk, you were all laughing at me, but it is a reality."
The Gunners boss continued: "If you look purely at the mathematical problem, yes (it is a surprise), because he has the highest percentage rate of wins historically at the club.
"Is it an internal problem with the relationship with his chairman or with the board? I don't know. Is it an emotional reaction to a big defeat at home? I hope not because that would not be a good sign."
Villas-Boas was the 5th Premier League manager to lose his job this season, with Cardiff City's Malky Mackay on the verge of becoming the 6th.
Wenger added: "I sympathise with everyone because you need to be a manager to know how much you suffer, you know how many sleepless nights are behind every manager and how much everybody wants to win.
"Of course you feel sympathy for people who lose their job."
Wenger will lead his Arsenal side out against Chelsea in a top-of-the-table clash on Monday, and says he isn't overly concerned about the goings on across north London, and is instead focused on his own work.
"There is for sure a difference of philosophy (in changing managers), both can work," he said.
"But I am not a specialist of Tottenham at all. I am just focused on doing things right for my club."