The Cameroon international has emerged as a shock target for the Catalan giants, as they look to add steel to a midfield brimming with creative talent.
Song has spent the last seven years with Arsenal, having been plucked from French football in 2005.
He has gone on to make over 200 appearances for the club, including 34 in the Premier League last season.
Wenger is not short on midfield options, though, especially with Abou Diaby and Jack Wilshere closing on a return to full match fitness.
Taking that into account, the French tactician concedes that Song will be allowed to move on if a suitable package is put to the Gunners.
Asked whether the midfielder could be sold and new signings brought in, Wenger said: “Both could happen, but my focus is on the Sunderland game (on Saturday).
“Midfield is an area where we have much more freedom to make decisions.”
Real Madrid’s Nuri Sahin is among those reported to be on Wenger’s transfer radar, and the Arsenal boss has confirmed that he may make a move for the Turkey international if he can free up space in his squad.
“He is one of the players we are following,” he said.