Wenger admitted he was eyeing a move for the winger in the knowledge that Theo Walcott could walk away from the Gunners on a free transfer in the summer.
But Holloway, who only took over at Selhurst Park earlier this month, is anxious not to lose the 20-year-old England international in the transfer window and questioned Wenger's comments.
"Why is he talking about my players? It's not the game," said Holloway, quoted in The Sun.
"I will be picking up the phone to talk to him as I don't think it is right and proper with the greatest respect. That is totally bad etiquette.
"Wilf is a big part of our season and we have such a strong contract others can go and whistle.
"He won't be available, no matter what the price is in January."
Crystal Palace are currently second in the Championship table, just one point behind leaders Cardiff.
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