Wenger has often been linked with a move for the France worldwide, but he says he has no plans in making a bid for his compatriot.
"I rate Payet, of course".
"I don't need Payet because we have so many creative players".
Wenger believes the financial landscape has been skewed by the recent influx of Chinese money but insists leading players will consider more than just the cash on offer when determining their future.
The retention of Mertesacker leaves Mesut Özil, Alexis Sánchez, Alex Oxlade-Chamberlain and Kieran Gibbs as the only first-team players whose contractual situations need addressing as they have 18 months remaining on their deals.
Arsene Wenger says Arsenal have reached an agreement to extend Per Mertesacker's contract.
"I expect it [the transfer window] to be a very quiet period because we have [striker Danny] Welbeck coming back". We have many players offensively that can play in this position.
"I think he is a few weeks away".
However, Wenger admits that Theo Walcott is yet to recover from a calf problem, which has kept him out since the end of last month.
The French defender has won two FA Cups under Wenger but the title eludes him and looks likely to do so again this season.
Arsenal triumphed 1-0 at Turf Moor in October, when Laurent Koscielny scored a controversial late victor. "They are important in that." explained Wenger. "They are a top 10 team in the first [half] of the league, so what they have done is absolutely unbelievable".