The Gunners boss had substantial funds even before the sale of Henry to Barcelona in a £16million deal last week, albeit significantly less than those available at Old Trafford, Stamford Bridge and Anfield.
Newcastle striker Obafemi Martins is apparently his main focus and he knows the Nigerian is available at £13million, whether Sam Allardyce likes it or not. Chairman Freddy Shepherd agreed with a clause in the contract allowing Martins to go for £13m, just as he made a similar clause in Michael Owen's contract, allowing the England international to move on for £9m.
The one factor worrying Wenger is the Africans Nations Cup, which is already set to deprive him of Kolo Toure Emmanuel Adebayor during the Premier League season, and Martins is a certainty to be missing.
Which could make England striker Michael Owen a better target, and at £4m less, he is obviously a player to loo at.
Wenger has long been an admirer of the former Liverpool and Real Madrid man, who has suffered recently with injury, but at 27 still has a lot to give and is back to full fitness. The fact he missed all of last season could go 'for' the player rather than 'against' him.
Sam Allardyce is still dumbfounded that Shepherd could allow the get-out-clauses in the contracts of both players and Big Sam says it puts him in a "very poor and precarious position".
Should he become available, Wenger could also renew his interest in West Ham striker Carlos Tevez, who has rejected the chance of a move to Inter in favour of staying in England.
BUT ... depending on what you read in the newspapers, Newcastle could be saved from losing their star strikers because Wenger, 57, is preparing to take over at Real Madrid.