The pair are out of contract in the summer and are both widely expected to leave the club sooner rather than later.
However, speaking after Arsenal's 2-0 north London derby victory over rivals Tottenham on Saturday, in which Sanchez scored and Ozil was named man of the match, Wenger claimed that the pair could both yet opt to remain at the Emirates.
"I am convinced they love the club and love the team, but all the rest will be decided - when? I don't really know," he explained.
"I believe they love the club and want to stay, but there are other top clubs out there who offer good contracts as well."
Meanwhile, the Frenchman also dismissed suggestions that the pair are no longer committed to the 'Gunners', saying that has never been a problem for either of them.
"They've shown their commitment again [against Tottenham]," he said. "I've never questioned their commitment.
"They can have bad games but the problem is that, when a player gets near the end of his contract and has a bad game, everybody says it's because he's going. Their interest is to play."
The pair have scored 79 goals and provided 69 assists between them in 238 Premier League games, with many fans concerned that Arsenal would struggle to replace them should they move on as expected.