Cameroon star Song, 25, left the Gunners last summer for Barcelona in a ?15million deal ? but has struggled to get first-team football.
Song is ready to call time on his short spell at the Nou Camp and a move back to The Emirates would suit him and his family.
Wenger has failed to provide Arsenal with defensive midfield cover since Song?s departure but he will resist considering a bid for his former midfielder.
Instead, the Gunners manager will make Hoops enforcer Wanyama, 21, his No.1 target.
Celtic boss Neil Lennon has conceded the Parkhead outfit will struggle to keep their best players and Wenger knows a ?10m bid for the Kenya star would do the trick.
Meanwhile, Wenger is eyeing a move for Auxerre youngster Yaya Sanogo, 20.
He is preparing to make a move for the striker as he looks to strengthen his under-achieving squad for next season
Source: DSG
Source: DSG