Wenger hinted last month at Arsenal's Annual General Meeting that his position would come under review but says his comment that he would "see where I go from there" had been misconstrued.
Sanchez is in the a year ago of his contract at Arsenal and could leave on a free transfer next summer, whereas Manchester City are in no rush to let go of Sterling.
"I said I sit down with the board every end of season and see where we go from there - so that's not exactly the same", he told French outlet BeIN Sports.
"That's what I have said - I am bound by a two-year contract, I always want to fulfill my contract but honestly I always discuss with the club's top officials at the end of the season, then afterwards we'll see what it looks like", he added.
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And as Arsenal sit sixth on the Premier League log - 12 points off pacesetters Manchester City, Wenger admits that there's a big chance he brings the curtain down on his time at North London. But one day that will stop.
"[Managing a team for] Four or five weeks, it's a different experience, it's more concentrated".
But having already slipped 12 points behind in the title race and so far failing to convince Alexis Sanchez and Mesut Ozil to extend their contracts, there is still strong support among fans for a change of management at the Emirates.
The Premier League leaders have not ended their pursuit of the Chilean despite failing to land him on deadline day in the summer transfer window, and are reportedly hoping to land him in a cut-price deal in January. "We'll have to think about that to see where we stand at the end of December".