Or, if he does, he does it in a way that's subtle to the point of imperceptibility, almost like some kind of private joke. On Tuesday, after Arsenal steamrollered Napoli in the Champions League - their dominance went far beyond the 2-0 scoreline - he talked about not wanting to get "too excited" given all the criticism he and the club endured at the start of the season.
All this dousing of the flames of enthusiasm - it's 10 wins in a row if you count the penalty shoot-out victory in the League Cup - raises the question of whether Wenger is simply being cautious or whether he thinks there's still room for this team to grow. And whether, in fact, he thinks they may have had some good fortune along the way.
How to explain this success? It's not just about Mesut Ozil, although he hasn't put a foot wrong since he arrived. The run, of course, predates him and given Santi Cazorla hasn't played since Ozil's signing, it's almost a like-for-like situation.
Aaron Ramsey has, of course, kicked it up several notches, turning himself into a Lampard-like goal- scorer from midfield. But that has, to some degree, been balanced out by a relative fading of Jack Wilshere, who has played 90 minutes of league football just once since March 3. Arsenal's form does coincide, to some degree, with Kieran Gibbs' return from injury and establishment as the first-choice left-back, but surely the problem wasn't Nacho Monreal all along, was it?
The analytic types will point to numbers. Arsenal may have won five of six Barclays Premier League games this season, but in the corresponding fixtures last year they won six out of six. Most of the stats are comparable to last year's except for shot conversion, which means they're either creating better chances or they're far better at converting them.
The sense, though, is the issues surrounding this squad haven't gone away, particularly when it comes to depth, something that will be tested after the international break when, in the space of three weeks, Arsenal will face Borussia Dortmund twice, Liverpool, Manchester United and Crystal Palace.
As outstanding as they were against Napoli, they were still forced to play five central midfielders, including 33-year-old Tomas Rosicky, rushed back to start his first game in a month, and Mikel Arteta, still shy of fitness given his last league or European start dates back to May. Plus, of course, there's the fact that had something happened to Olivier Giroud, Nicklas Bendtner would have been the guy coming on from the bench.
It's a credit to Wenger and the players that they are where they are, but this squad still looks under-equipped, particularly given the resources they had in the summer. And you feel as if they've been punching above their weight.
Haven't we learned our lesson yet when it comes to Blatterspeak? The Fifa president reiterated that the 2022 World Cup will be played in Qatar. The only issue seems to be when. The top European leagues say November-December, Michel Platini and Uefa say January- February and the Qataris suggest April-May.
So Fifa have set up a task force to consult the "stakeholders", look at options, assess the situation in Qatar and all that. You can bet that sponsors and broadcasters (which, ultimately, pay for the whole thing) will be among those most closely consulted.
But does this mean that 2022 will definitely be held in Qatar? Of course not. Blatterwatchers know that, under the guise of "when the facts change, my opinion changes" the Fifa supremo is very capable of changing his mind and, with it, the minds of his power base in the executive committee.
Sensing that there was no need to push for a decision now, he simply kicked it further into the future, most likely until 2015. It's not a bad choice per se - provided Fifa take the time to look at thing seriously - but it can't be coincidental that 2015 is also when the Fifa elections roll around and Blatter stands for another term. Package the 2022 World Cup and Blatter together and, well, he has a winning hand.
The simple fact of the matter is that most stakeholders want a summer World Cup and that means not having it in Qatar. Which was what Blatter - who supported the USA bid for 2022 - wanted all along.
So, he can either go out on a limb now, push for a move elsewhere and risk the Qatari backlash costing him the 2015 election, or he can buy time, allow the warring factions to duke it out, let the broadcasters' lawyers ratchet up the legal pressure (many contracts apparently call for a summer World Cup) and then "save the day" in 2015 by switching the tournament to another country. Don't book those flights to Doha just yet.
Maybe it's true goalkeepers are some kind of alien species and therefore difficult to assess. After all, most coaches - apart from goalkeeping coaches - were outfield players. So, too, are the vast majority of ex-pros turned pundits and, of course, fans and the media.
So when it comes to judging the guys between the sticks, two trends emerge. One is that a goalkeeper is either outstanding or rubbish, with not much middle ground in between. A year ago, the English media were banging on about the brilliance of Joe Hart and how he was surely among the top two or three in the world.
Now there are many who would like to see him axed for the upcoming World Cup qualifiers. These are the same folks who discover - to their horror - that there are only two other English starting goalkeepers in the Premier League, John Ruddy and David Stockdale. There is also Fraser Forster at Celtic, but he gets short shrift from the masses.
The other trope is that when a goalkeeper struggles, it must be mental. Lack of confidence, lack of concentration, whatever. But it never seems to be mechanical or physical. I'm not sure exactly what is at the bottom of Hart's malaise. But it seems bizarre that we should judge goalkeepers so differently from outfield players.