Mbappe joined Paris Saint-Germain on loan from Monaco in summer 2017, immediately after winning the Ligue 1 title, before signing a permanent deal with PSG the following year.
But the striker almost ended up in north London, according to Wenger.
“We can talk about Mbappe,” the Frenchman said of his compatriot while speaking to beIN Sports.
“I was at his home when he was undecided whether to extend his contract with Monaco.
“He could have come to Arsenal for free.
“I would say every club is full of histories like that. You go to Milan, to Manchester, Arsenal, Chelsea – there are these kind of stories everywhere.”
Mbappe, 22, a 2018 World Cup winner with France, netted a hat-trick in PSG’s Champions League win over Barcelona this week.
The French champions, runners-up in the competition last season, were 4-1 winners in the last-16 first leg at the Nou Camp on Tuesday, leaving the La Liga giants with a difficult task in the reverse fixture in Paris on 10 March.
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