Owen is believed to be searching for a return to the Premiership after being reduced to fifth-choice striker at Real Madrid.
However, despite being in 'love' with the player, Wenger has ruled out making a bid for Owen.
"I have nothing against Michael Owen. I love him," the Arsenal boss declared.
The stumbling block, though, is the perceived incompatibility of the Owen-Henry partnership.
"We have Thierry Henry who scores 25 goals a season and can they live together? I don't know. Thierry is not yet the age to play a little bit deeper. I like Owen but I look more for a deeper kind of striker. I have Dennis Bergkamp but he is getting older."
Without the guarantee of first-team football, Wenger claimed it would 'dishonest' to bring Owen to Highbury.
"It would be dishonest to take an international player like him and put him in the same situation he has at Real Madrid," said the Frenchman.
Wenger also denied making a bid for Newcastle's unsettled midfielder Jermaine Jenas, but did concede, "I am a fan of Jenas." A bid for the England midfielder could be imminent.
Nevertheless, Wenger says he is not looking for a replacement for Patrick Vieira, describing the former Arsenal skipper as 'irreplaceable'.
"We will miss Patrick in our team when we have the ball because he was always there to take the ball," he said. "When he had three players on his right shoulder and two on his left, he wasn't scared. But if Juventus came and bought Patrick Vieira at 29 years of age, and they have scouts everywhere in the world like we have, that shows you can't get another Patrick Vieira."
Another Viera, Uruguay goalkeeper Sebastian, is expected to join Arsenal, though. Personal terms are said to have been finalised on Thursday and the player could be unveiled as early as Friday afternoon.
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