The Arsenal manager also believes Neymar could becomes the first £300million player.
Arsenal have so far signed just two players this summer, with Sead Kolasinac costing them nothing.
Alexandre Lacazette’s arrival from Marseille broke the Gunners’ transfer record.
But while Wenger confirmed his club will continue to look at deals this summer, he remains frustrated with the current valuations of average players.
"What’s next is to remain active," he said on Arsenal’s website. "Not a lot [has] happened.
"I believe there are actually two ways to improve the team. First of all to improve the quality of what we do in training to improve the squad and improve the players we have, and secondly to bring more top-level players in.
"The difficulty is to bring top-level players in because you pay a huge amount of money for very normal players at the moment. As well, all the big clubs are chasing the same players and that provokes huge inflation. Maybe this will be the first time we [football clubs] pay over £200m, maybe over £300m with Neymar and around £200m with Mbappe.
"So there is a huge inflation. But we are active, we are working hard and I think we have done well with Kolasinac, we have done well with Lacazette and we are continuing to work.”
Wenger was in for Mbappe earlier this summer but Monaco rejected their £87m bid for the player.
As for Neymar, Maris Saint-Germain want to sign the Barcelona striker and are eyeing his £196m release clause.
Arsenal are in action today against Benfica in the Emirates Cup.
They face Chelsea next week in the Community Shield at Wembley before their Premier League season kicks off with a home clash against Leicester.
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