The Gunners made three bids previously for Lemar, the highest of £50m, which were all rejected by the Ligue 1 champions.
Lemar's future rests with the player himself, with the French global having been keen on a move to the Emirates Stadium when Arsenal had three bids rejected earlier this summer.
"'It was not very close", Wenger said.
Mesut Ozil is also in the final year of his contract and there is continuing unrest amongst the fans, with many wanting boss Arsene Wenger to leave the club.
Brathwaite falls but Windies still have Hope in thrilling second Test
Brathwaite's 180-ball innings, including 12 fours, meant the opener had batted for more than 10 hours in the match. Appropriately, it was Hope who struck the winning runs with a legside flick for two off Chris Woakes.
"You do not want to talk too much about. you have to respect what happens on the negotiation side".
Still only 21, Lemar joined Monaco for a small fee from Caen in 2015.
Monaco had a hard transfer window as they lost the services of Kylian Mbappe, Bernardo Silva, Benjamin Mendy and Tiemoue Bakayoko.
Lemar remained relatively coy when questioned on his future following France's 4-0 win over the Netherlands on Thursday evening, but he has now reaffirmed his commitment to Monaco for at least another season.