Wenger was expected to make several high-profile signings during the close-season after Arsenal talked up their transfer resources at the end of last term.
But a move for Gonzalo Higuain from Real Madrid never materialised as the Argentinian striker eventually signed for Napoli, while the Gunners' pursuit of want-away forward Suarez looks to have stalled.
The Gunners last week made a second improved bid of £40m plus £1, which had been intended to trigger a clause that would allow them to discuss terms with the Uruguay international.
But the offer was rejected and Liverpool managing director Ian Ayre insists the Reds have no intentions of selling Suarez, leaving Wenger without a marquee signing to parade in front of the Emirates Stadium faithful during this weekend's pre-season friendly tournament.
However, Wenger indicated on Friday that Arsenal remain hopeful of eventually landing Suarez before the transfer window closes at the end of August.
"I don't want to speak about Suarez because that is between Liverpool and Arsenal. We will completely respect what Liverpool wants to do. We want to (sign the player) if it is feasible in an amicable way," Wenger said.
"I am a great believer you have to keep as much confidentiality as possible, which is quite difficult in the modern world.
"But we work very hard, not only on the case you name, but on other different cases."
With an eight-year trophy drought proving a major frustration for Arsenal's fans, Wenger is under pressure to deliver the kind of big-name signings that would suggest a return to the club's glory days is on the horizon.
So far France U-20 forward Yaya Sanogo, who arrived on a free transfer from Auxerre, is the club's only new recruit.
Yet Wenger insists there is no chance he will be forced into panic buys just to appease the critics.
"We have signed Sanogo, he has not made the headlines. Why? Because he is not a £100m player, but I am quite confident he will make the headlines soon on the pitch, and that for me is the most important," he said.
"We can still strengthen the squad, there is one month to go and we are working very hard.
"At the moment the market hasn't moved a lot. Apart from Man City, nobody has done anything.
"If you say we are under pressure to spend money then yes we are, but I feel more under pressure to spend the money in the right way. That is what I will try to do."
If Suarez does eventually make it to north London, the controversial star has already been warned by Wenger that he will have to clean up his act.
Suarez is currently serving a domestic ten-game ban imposed by the Football Association for biting Chelsea's Branislav Ivanovic last season.
The Uruguay international had previously received an eight-match suspension and £40,000 fine from the FA for racially abusing Manchester United left-back Patrice Evra in December 2011.
"We have values that we want our players to respect. No matter where they come from, we will be very touchy on that of course," Wenger said.
"This club has built a reputation, not only during my period here but over 127 years, and the values that are very important for this club have to be respected by every player, no matter where he comes from. That will be with every potential signing."