Wenger told Mirror Football after the news came out, "That report is not true."
But you wonder what the harm would be in signing the talented midfielder at a young age when he could be landed at a relative bargain.
The 20-year-old has already received five caps for Brazil in his young career. He impressed recently in the Confederations Cup, subbing in for Neymar against Italy and Hulk against Uruguay. His deft assist to Marcelo against Italy opened more eyes.
And that's really what makes Bernard special: his passing ability. He may be 5'4", but his low center of gravity means incredible balance and agility, the ablity to keep possession constantly and deliver accurate through balls to his teammates. His dribbling is incredibly advanced for being so young.
On top of that, Bernard flourished when Ronaldinho arrived at Atletico Mineiro. Jack Wilshere is a similar player as Ronaldinho who would figure to aid Bernard's development on the pitch.
So, I say, why not?
Obviously, Arsenal needs help up front first and foremost, but if the Gunners can't land Gonzalo Higuain or Luis Suarez this summer, they can at least add some help in the midfield to strengthen the club as a whole.
Perhaps nothing is official yet and Wenger doesn't want to put it out there right now. Or perhaps Wenger simply isn't that interested. But in a summer that means so much to Arsenal's title chances and, well, Wenger's job security, you would think the 63-year-old would be looking at all possibilities at this point.
Adding another young weapon to Arsenal's roster couldn't hurt. In fact, if Wenger waits too long, the window of opportunity may pass before anybody at all can be signed.