The 23-year-old Samba starlet has fallen down the pecking order at Emirates Stadium following the emergence of British duo Jack Wilshere and Aaron Ramsey, and featured in just 16 Premier League games in 2010/11.
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Denilson, capped six times by Brazil Under-17s, is one of several Gunners set to depart North London as Wenger looks to bolster his squad with new signings capable of delivering the club a first trophy since 2005.
And the pair have now admitted that Denilson is set to return to Brazil on a loan deal.
“Denilson is likely to leave to go to Brazil on loan,” Wenger said after the Gunners' 1-1 draw with Hangzhou Greentown on Saturday.
The player later told the club's official website that he will be sorry to wave goodbye to the English giants.
“I move away with sadness because I have so many friends at Arsenal and everyone has always been so supportive towards me," he said.
“I want to say thank you to the club, and of course, also a big thank you to all the Arsenal fans who are very special.
“I’m now focused on doing well in Brazil next season, but will always be looking out for the Arsenal results. It is a great club with many great players, a good team spirit and a top-class manager. I wish you well for next season.”
Denilson joined Arsenal from Sao Paulo in 2006, making just 12 appearances - eight as a substitute - for the Brazilian side before crossing the Atlantic to become a Gunner.
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