"I can take a gamble on one, maybe maximum two", Wenger said.
Sources close to the player say he is increasingly resigning himself to the idea of staying at Arsenal for another season, while Guardiola is understood to also be prepared to be patient, as he believes the forward would still be able to easily slot into his team from the summer of 2018.
Wenger said he would not have started Sanchez against Leicester even if he had been fit, but acknowledged that he will be missed.
"It is a long time I didn't speak to PSG, it is a long time since I spoke to them", Wenger told a press conference on Wednesday.
In the past few days, rumours linking Sanchez with PSG have got louder.
Arsene Wenger, the Gunners manager, has insisted Chilean striker Sanchez will remain at the Emirates Stadium this season and see out the rest of his contract, which expires next summer.
The 23-year-old England global has struggled to secure a regular place since arriving at Arsenal six years ago, but Wenger believes the winger has the potential to become a great player.
"I think he'll run his contract down". Personally I think he is a hugely talented player, he's on the way up and he will continue to move up because the potential is there. I remember watching him at Bournemouth last season and he looked angry. "I think if you read the French papers, they are on (Kylian) Mbappe's case to finish their transfer market".
Sanchez is not the only injury worry for Wenger, who could enter the new season with as many as seven players on the sidelines.
Gabriel Paulista is still recovering from his knee injury picked up in the FA Cup final, Laurent Koscielny is serving the second game of a three match suspension, while Jack Wilshere, Joel Campbell and Santi Cazorla are long term absentees.