Wenger: Sanogo will leave Arsenal on loan
The 21-year-old was strongly linked with a switch to Bordeaux earlier this week, but Wenger would prefer the player to remain in the Premier League.
"He will go out on loan," he said at a news conference on Friday. "My preference is a Premier League club."
Crystal Palace are thought to be one of the Premier League clubs interested in signing Sanogo, while Hull City boss Steve Bruce - also looking at the availability of Toronto FC forward Jermain Defoe - confirmed he would like to take on the France Under-21 international.
"It's been made clear that the boy might be available on loan and it's something we'll have a look at," he said.
"We have got four or five things going, like most Premier League clubs. We'll have to wait and see but, as usual, it will probably happen in the last couple of days of the window.
"Everyone's jockeying for position.
"If we can bring a couple in to bolster the squad, that would be great."
Sanogo has made just three Premier League appearances for Arsenal this season.