Lord Harris stated the club have enough money to shell out on any player apart from Barcelona star Lionel Messi and Real Madrid rival Cristiano Ronaldo, given they have in excess of £200 million to spend.
Yet Wenger believes that is not necessarily the case and - while he says money is available to pay for a marquee signing - he does not intend to go gung-ho in the market.
"Lord Harris has gone a bit overboard because that is not true," he told reporters at a press conference ahead of the Emirates Cup, which begins on Saturday.
"We are in a situation where we are working hard where if an opportunity comes up we can do something but we are not in the need.
"We are in a strong position with a strong squad I am happy with.
"We are open-minded everywhere. We work very hard to find the players we can. We spent a lot of money in the last two seasons and bought Gabriel in the middle of the season to be ready for this season.
"We are not reluctant to spend the money. Now we have the money, if we can find the players we will spend the money."
Goal understands Wenger was prepared to launch a bid for key summer target Karim Benzema, though the striker's agent has insisted his client will not be leaving Real Madrid.
Chelsea goalkeeper Petr Cech is currently the only arrival at the Emirates' Stadium this summer
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