The Chilean is likely to be the Gunners’ main summer arrival in a £31.8m switch from Barcelona, which they had to fight off interest from Juventus and Liverpool to secure.
But even with the 25-year-old, Wenger is keen to snap up Bernard from Shakhtar Donetsk.
The pint-sized playmaker only moved to Ukraine last year, but he endured a difficult first season in Eastern Europe, and is understood to be ready to leave.
Arsenal were linked with him during 2013 and are believed to have kept scouts on his case to assess his development.
Wenger has also been watching him at the World Cup – where he was a part of the Selecao’s run to the semi-final – and is thought to have been impressed by his cameo showings.
The 21-year-old is valued at around £20m by Shakhtar, which would take Arsenal’s spending north of £60m.
Bernard is able to play on either flank, but is most at home in a central ‘number 10’ role.