Bayern Munich Chairman Karl-Heinz Rummenigge, has revealed the German club came close to appointing the Frenchman as their manager.
"We were very close in the 1990s to signing him," Rummenigge told Daily Mail. "He was managing Monaco. We were in discussions to bring him to Munich, but he decided to go to Tokyo."
Wenger went on to manage Nagoya Grampus Eight, before moving to Arsenal in 1996.
The Frenchman is known for his approach to the game, favouring fluid, passing, attacking football, similar to the style now employed by current Bayern Munich coach Pep Guardiola.
Rummenigge now believes that Bayern finally have a manager capable of taking Bayern to new heights:
"'We said this was a unique chance to get the best and most popular coach in the world, and we could not miss this chance."
"He is obsessed about football," Rummenigge added. "Always thinking, 'what can I do new?' to surprise the opponents - or to surprise his own team."
"We have had good coaches in the past, very successful ones. He is a different story in the positive sense."
Ahead of the Bayern's Champions league clash with Arsenal, Guardiola expressed his respect for Wenger and his side:
“My opinion on Arsène is that I have a lot of respect [for him],” Guardiola said. “His teams have his quality and I have to admire the quality of my opponents.
“It is a typical team that always puts in a good performance in the Champions League.
“The last eight, nine or 10 years they have been in the Champions League and they are a special team with [Santi] Cazorla, [Mesut] Özil, [Jack] Wilshere, [Alex] Oxlade-Chamberlain, [Aaron] Ramsey.
Guardiola and his side travel to North London on Tuesday to face Arsenal in the first leg of their Champions League last-16 tie.