Alexis Sanchez is set to become the highest earner in the Premier League as he prepares to join Manchester United on a reported £500,000-a-week salary.
And Wenger believes that could mark the start of a heady rise in player wages, saying: "You cannot rule anything out.
"Who was the first player who was a £1m transfer? Trevor Francis (in 1979). Today (looking back) it looks ridiculous."
The Frenchman added: "[Robin] Van Persie was one of the first cases where a big player didn't extend his contract and came close to the end of his contract. That will happen more and more.
"Because we arrive to a level where the money at stake for players who are free is so big, and the transfers are so big, that the players think: 'it's better I go to the end of my contract, and if I don't get the whole integrity of the transfer now, if I get only half, it's a huge amount of money'."