The 35-year-old former England international is a free agent having walked out on League Two side Notts County, and has been training with the Gunners in order to maintain his fitness levels.
Speculation had surfaced tipping Campbell to come to Manchester United's rescue, with Sir Alex Ferguson's side currently enduring a defensive crisis that saw Patrice Evra the only fit first-team defender available for the Champions League trip to Wolfsburg in midweek.
However, Old Trafford supremo Ferguson laughed off the reports on Friday, insisting he had no interest in recruiting the veteran.
But, speaking ahead of Arsenal's trip to Liverpool on Sunday, Gunners' chief Wenger revealed that a deal for the defender - who won two Premier League and three FA Cup titles during a five-years spell with the Gunners - could be in the offing should one of his four current centre-backs depart.
"I have not really thought about that," he said.
“At the moment, we have four centre-backs and we will always have four.
“If one would go, then I would consider it, but at the moment we are four, so I have no need to sign anybody else.
“I love Sol Campbell and the fact he came back here and wanted to practice with us shows he loves the club as well.
“You never say never in these kinds of situations.
“Sol can still do a job in the Premier League, especially now he is fit. He has worked very hard."
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