The former Bundesliga manager is now head of sport and development at Red Bull.
Former Schalke and Red Bull Leipzig manager Ralf Rangnick is now the frontrunner for the role, however, the 61-year-old is now contracted to Red Bull as their head of sport and development, overseeing several of the company's sporting organisations and it remains to be seen whether he will return to football management.
Wenger is now 70 years old and it has been nearly 18 months since he left Arsenal after 22 years in charge of the Gunners.
Former RB Leipzig boss Ralf Rangnick is not a contender to inherit the managerial reins at Bayern Munich, according to his agent Marc Kosicke. "We don't believe that what Ralf Rangnick is all about is now being sought by Bayern", Rangnick's manager Marc Kosicke told German daily Bild.
Last season, the 48-year-old Croatian became the first person to win the German league and cup double with Bayern as both a player and a coach. "And that's why it makes no sense to hold concrete talks".
Wenger has rejected a number of job offers since leaving Arsenal including a role with Federation Internationale de Football Association as technical director. "I enjoy the things I don't miss too much".
Hans Flick, Joachim Low's former Germany assistant, will lead the team on an interim basis, beginning with the Champions League home match against Olympiacos on Wednesday.
"I coached from 33 years of age and I coached until 69 without interruption at a top level, 36 years without stopping, so even if I miss it, to get away from that pressure for a year was good for me".
- Five family members, including children, die in Mexico gun attack
- MPs elect new Speaker to replace Bercow
- McDonald's chief executive out over relationship with employee
- United States election 2020: Elizabeth Warren sets out health funding plan
- Eight people arrested in Vietnam over Essex container deaths
- Manchester City skipper David Silva set to miss Liverpool clash
- India to continue talks on RCEP trade deal
- House impeachment inquiry requests White House chief of staff Mick Mulvaney testify
- Auto bomb explodes killing 13 at Turkey border
- Son Heung-min's reaction to Gomes injury was 'over the top' - Collymore