Speaking to Eurosport, per the Daily Star's Nick Lustig, the Frenchman confirmed that the club are well aware of Mitroglou's talents after recent meetings in the Champions League.
Per the report, Wenger said: "At Arsenal we know him well because we have played against Olympiakos in the Champions League. He has both physical presence and the ability to finish in the box.”
The Greek striker has been in sensational form this season, scoring 14 goals in 10 league games, as well as adding three strikes in the Champions League.
Per the Mirror's David Maddock, his form has alerted Liverpool manager Brendan Rodgers to his potential, with the Reds looking to consolidate their fine start into a top-four place come the end of the season.
Liverpool, though, could face significant competition for his signature as interest continues to grow.
Both clubs have need for striking reinforcements in January. Should Olivier Giroud suffer injury, Arsenal would be left with the woefully out-of-form Nicklas Bendtner as their only first-team striking option.
Liverpool, meanwhile, could be forced into a major rethink with the Guardian's Andy Hunter reporting on Saturday that Daniel Sturridge may have sustained a serious ankle injury.
Liverpool to launch a £7m bid for Olympiakos striker Kostas Mitroglou, Arsenal & Inter also interested [Mirror] http://t.co/CE6O2flSQ4— 101 Great Goals (@101greatgoals) November 21, 2013
With the riches of a Champions League place on the line, then, both would appear likely to spend in January.
Mitroglou is a name that has long been mentioned as a possible target for Premier League sides, but it's his form of the past few months that has thrown him into the reckoning for the league's top four sides.
Per Goal.com's Peter Staunton, manager Michel admitted only this week that it would now prove very difficult to retain the player following his sterling start to the season—including three goals in Greece's World Cup qualification playoff victory over Romania.
The vultures are circling, but with Wenger's words yet another indication of major interest in the player, Liverpool will have to move quickly if they want to ensure that it is they who will secure his services come the new year.