Wenger revealed earlier this month that he was looking to send the Mexican out on loan and clubs from both England and abroad have since contacted the Gunners.
Bolton boss Owen Coyle has publicly voiced his interest and West Brom are also said to be admirers, but Vela himself would prefer a move to Spain.
Wenger, though, wants the 21-year-old to remain in the Premier League.
"There's nothing done at the moment, no," Wenger told Arsenal's official website. "But that could be sorted out Wednesday or Thursday.
He added: "Personally I wish (he would go to a Premier League club) because he's a great player and it will be easier for me to follow his progress but he is attracted by Spanish football because it is his home language.
"But hopefully we can find a good solution for him in England."
Mexico international Vela has spent time on loan at Spanish clubs Salamanca and Osasuna since arriving at Emirates Stadium from Guadalajara in 2005.
The youngster has only made four substitute appearances in the Premier League this season, although he has played in the Carling Cup, FA Cup and Champions League.
