Alves captained Brazil to a 3-0 win over Chile in Sao Paulo on Wednesday, ending Sanchez's hopes of playing at the 2018 World Cup in Russian Federation.
However, this week has seen suggestions a January move could be possible, with Manchester City still interested after their strong summer attempts failed. "I will always appreciate him and I will always wish him the best wherever he goes".
"It was very physical and mentally I will have to assess the situation". He is a victor and wants to focus on winning things.
"I think he's still off it but there are signs that he's getting there".
To make matters worse, Chile didn't qualify partially as a result of a mistake by Sanchez's Arsenal team-mate David Ospina. Peru were awarded an indirect free kick from outside the box, which Guerrero confusingly shot straight at goal, only to be parried into the net, which allowed it to stand.
Wenger said: 'I don't think that will be a problem but it happens sometimes, it is the coincidence of a competition'.
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"It's always hard to have players like Alexis against you, with this quality and level but we've been concentrating the whole game and we've done a great job", the 34-year-old told Radio ADN.
'I believe he doesn't necessarily have to leave Arsenal to get to the World Cup.
'He has played many games already for us and he will play many more'.