The 28-year-old pair are both in the final year of their contracts with Arsenal, and although Wenger hinted attempts are ongoing to get them signed to new deals, he said the Gunners could cash in come the new year, per Mattias Karen on ESPN.co.uk:
"Once you're in our kind of situation, you envisage every solution, yes. It's possible. I always said that the fact we didn't sign an agreement [with Sanchez and Ozil in the summer] doesn't mean that the player will leave—because both players look happy here. Overall I hope the situation can be turned around."
Wenger, 67, was speaking ahead of Arsenal's trip to Watford in the Premier League on Saturday, the north London club's first match following the international break.
Sanchez's Chile side failed to secure qualification to the 2018 FIFA World Cup after a 3-0 loss to Brazil on Tuesday, and Wenger said he will assess the forward following a physically and mentally challenging period, per Liam Prenderville of the Mirror:
"I will have to speak to him. Yesterday I watched the whole game, and I must say he got some special treatment. It was very physical, and mentally I will have to assess the situation."
The former Barcelona and Udinese star was close to leaving the Emirates in the summer, with Arsenal's Premier League rivals Manchester City heavily linked with a deal worth up to £60 million, per BBC Sport's David Ornstein.
It is becoming clear the likelihood of Sanchez and Ozil penning new deals at Arsenal is minimal.
Clubs will likely look to take advantage of Arsenal's potential desire to recoup some money for two of their biggest signings by making moves in January.
Given they could be available for free come next summer, though, it seems unlikely any bids will come close to the £60 million City offered for Sanchez, and Arsenal may have to decide whether to cut their losses.