A picture emerged of Song training with Arsenal on deadline day sparking theories he could be signing up for Wenger’s side.
But the Arsenal boss says he is just using the facilities to get up to speed and is looking for a new team.
“He is looking for a new club,” he said.
“I allowed him to come in to work on his fitness.
“Nothing more than that.”
Song left Rubin Kazan last year after problems over late payments.
He had spent four years struggling at Barcelona after a good spell at Arsenal until 2012.
In that time he spent two seasons on loan at West Ham but had difficulties with injuries and didn’t get a long-term deal there.
Arsenal fans were excited by the prospect of a return of one of the old boys.
But Wenger has ruled that out for now despite letting Francis Coquelin go and having injury fears for the likes of Aaron Ramsey and Jack Wilshere.
Arsenal face Everton in the late game tomorrow night hoping for a better performance than last time out when they lost to Swansea.
And Wenger admits they have not been good enough away from home.
“I don’t like the difference between home and away form,” he said. “It shouldn’t matter where you play.
“I am especially unhappy with our away results. For me, there is no difference when you are a footballer.
“It is a lack of focus in vital moments.
“At Swansea, we had 75 percent of possession and we are so obsessed with wanting to win the game.
“But it is about finding the balance.”