The Gunners have been chasing the exciting midfielder all summer as they look to add to their attacking options.
Wenger had been hopeful of landing the Frenchman before the transfer window slams shut, but he now concedes it won’t be happening.
“It’s dead because Monaco has closed the door,” said Wenger when asked about a potential deal for Lemar.
“They are still on cases like Kylian Mbappe and Fabinho. They’ve already lost Benjamin Mendy, Bernardo Silva and Tiemoue Bakayoko, so Monaco is at a stage where they have closed the door.”