Sanchez scored in the Gunners’ 2-0 win over north London rivals Tottenham on Saturday, while Ozil was named man of the match.
“I am convinced they love the club and love the team, but all the rest will be decided – when? I don’t really know,” said Wenger.
“I believe they love the club and want to stay, but there are other top clubs out there who offer good contracts as well.”
Sanchez’s goal was only his second in the Premier League this season but takes his career total for the club to an impressive 55 goals in 112 appearances.
Ozil, meanwhile, provided the assist for the opening goal. He has now produced 45 assists since making his Arsenal debut in September 2013, more than any other Premier League player.
Alexis Sanchez has scored 55 goals for Arsenal, while Mesut Ozil has scored 24
“They’ve shown their commitment again [against Tottenham],” added Wenger. “I’ve never questioned their commitment.
“They can have bad games but the problem is that, when a player gets near the end of his contract and has a bad game, everybody says it’s because he’s going. Their interest is to play.”