Perez joined the Gunners for a fee of around £17million last summer but has struggled for game-time despite impressing when given the opportunity in Arsenal colours this term.
The 28-year-old, who has only made 11 appearances in the Premier League, claimed that the opportunity to return to Deportivo de La Coruna is on the table and Wenger understands his frustrations.
‘Of course he’s a top quality striker and I couldn’t give him the games he wants and deserves I confess that and I feel sorry for him,’ Wenger said ahead of Arsenal’s trip to Southampton.
‘[Olivier] Giroud was not clear at the start – and [Danny] Welbeck – and we didn’t know how and when and in the end there is a congestion there.
‘It doesn’t take away from his quality. I would love to keep him if I am the manager to keep him.
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‘We have to sit down together and see if he has reasonable chance to play next season.’