It was on Wednesday revealed European football's governing body and its president, Michel Platini, have been discussing changes to continental competitions proposed for 2015.
One of these possible overhauls would be to see the Europa League scrapped in order to produce one massive 64-team Champions League.
But Wenger is not impressed by the idea of his fellow Frenchman, Platini, and thinks it would significantly lower the quality and attendances of Europe's pedigree club competition.
Speaking ahead of Saturday's Premier League game with Swansea, Wenger said: "I'm not convinced, because the Champions League already has audience problems in the group stage.
"I think that would create more and lower the level. It would mean that you create a complete European championship.
"That could be detrimental to the national leagues as well and could take some interest out of the first stages of the Champions League. It would be a European league."