But Wenger has confirmed that the former defender is training with the club.
“We are only helping him to get fit again. Is it going any further with us? No,” said Wenger.
Campbell is without a club after leaving Notts COunty last month after only one game.
Wenger, who signed Campbell from arch-rivals Tottenham in 2001, added: “It’s very difficult when you play in a team sport to stay completely fit on your own.
“So he asked me if he could come back here and have some fitness sessions, and we are helping him out.”