Arsenal have been linked with a move for England international Sterling, who has refused to sign a new contract with Brendan Rodgers' side.
Sterling said reports of Arsenal's interest in him were "quite flattering", but Wenger had no intention of discussing a potential move for the 20-year-old ahead of Saturday's Premier League clash with the Merseyside club.
The Arsenal manaber said: "Sterling is a top player [but] I don't want to get involved in that just 48 hours before the game.
"I have a big respect for Liverpool, but I am focused on the game and producing the performances we have done recently."
Palermo president Maurizio Zamparini this week claimed that Arsenal have made an offer for the highly rated Dybala.
Zamparini stated that the Argentine rising star would prefer to stay in Italy, but Arsenal would be his preferred destination if he opts to move to the Premier League.
However, Wenger insisted Dybala is not a target for the London club.
"Ask him [Zamparini] to show you the offer," the Frenchman said. "[We are] not at all [interested]."
