"In our situation, we have envisaged every solution".
And while Wenger is hopeful the talented duo extend their stays, he admits there hasn't been any progress in negotiations.
The Germany global is expected to be available against Watford on Saturday, however, although it's unlikely that Wenger will put him straight back into the starting line-up.
"I have always said that the fact we didn't find an agreement a year ago doesn't mean the player will necessarily leave".
"Both players are happy here - I hope the situation can turn around".
Asked if there was any deadline the pair needed to sign contract extensions by, Wenger said: "No, not at the moment". "At the present time there is no deal close for me to announce".
"I didn't want to speak to him much [at full time] because I know how tough it is and also because I didn't want for people to interpret things in a way that would have put my professionalism in doubt".
Alves was up against Sanchez on global duty this week when his Brazil side beat Chile in a World Cup qualifier which saw Sanchez's side crash out of the competition. "I am more concerned that yesterday afternoon I watched the whole game, Brazil against Chile, to see how hard was. and I must say he got some special treatment in this game".
"It was very physical and mentally I will have to assess the situation".