Real have renewed their interest in Suarez, although Liverpool boss Brendan Rodgers insists the 10 days left in the transfer window is insufficient time to complete negotiations for a player he is desperate to keep.
Arsenal failed with a £40,000,001 bid for the controversial marksman and Wenger has since turned his attention to alternative targets.
If Suarez does depart for Spain, the Frenchman would not be embarrassed by his inability to lure him to the Emirates Stadium in a process he compares to pursuing a girl.
"That can happen (a players joins another club). You've certainly tried to go out with a girl but find she has chosen someone else. You don't commit suicide," he said.
"I don't want to speak in detail about what has happened. One day, why not?
"But now it's not the moment to talk about that. I just said it's over. We have to get on with our lives."
Karim Benzema, Angel Di Maria and Yohan Cabaye are among Arsenal's targets, but Wenger refuses to place too much value in marquee signings.
"I can understand the interest in these types of signings, but it's five per cent of the game," he said.
"For 95 per cent of the time it's something more - the spirit inside the club, the values of the club. But today you feel that it is only about that (big signings).
"I'm not against splashing out, but football is not only about that."