The Gunners have been reported to be considering a move for the 20-year-old England international as talks over a new contract at Anfield continue to stall.
The Arsenal boss was asked about the latest reports linking the north London club with a move for the winger at a news conference on Thursday morning.
However, the Frenchman remained typically coy when asked about the reports, despite describing the attacker as a “top player”.
“Sterling is a top player, but I don’t want to get involved in that 48 hours before a game,” Wenger told his news conference.
“That’s down to Liverpool, I don’t want to interfere in that. It’s not my problem. I do not want to speak about any move.
“We are not in a transfer period, we are in front of a big game. I respect Liverpool and I do not want to go into any supposed move for any of their players.”
It is understood that Sterling has rejected an offer of a £100,000-a-week contract from Liverpool in recent weeks.
Sterling, who is likely to feature when Liverpool take on Arsenal at The Emirates on Saturday lunchtime, is thought to earn around £30,000 a week at the Merseyside club.
He has scored six goals and made seven assists in the Premier League this season.
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