The French international's future since then has been a continuous source of speculation in recent months, with the highly-rated attacker has been listed alongside Arsenal, Real Madrid, Paris Saint-Germain and many others as the most prominent suitors.
His arrival at the Emirates could pave the way for Alexis Sanchez's departure, after the Chilean admitted he hoped to be playing Champions League football.
Local media reported that Arsenal had made a bid of 123 million pounds for Mbappe, but Wenger denied that after his side beat Western Sydney with goals from Olivier Giroud, Aaron Ramsey and Mohamed Elneny in front of 84,000 at the Olympic Stadium on Saturday.
Tiemoue Bakayoko became the latest player to quit the Ligue 1 club this summer as he signed for Chelsea on Saturday.
"That's not true", he said. What we know now about Mbappe is that it's over £100m. I have made my decision, but now we wait for a response from Arsenal. "I think he will stay, it looks like that, for one more season".
Arsenal did not qualify for next season's Champions League for the first time in 20 years, after finishing fifth in the English Premier League.
"It will be less robust physically but of course you play against teams who have top quality going forward", Wenger said of what he expected against the European clubs.
However, Monaco are hesitant to allow another one of their stars to leave and have their Ligue 1-winning squad ripped apart this summer.
Stoke levelled within two minutes of the second half, Mame Biram Diouf impressively chipping in after Diego Benaglio had rashly rushed off his line moments after coming off the substitutes' bench.