I think Wenger's definitely looking.
There's some FUD on soccernet today about him having "abandoned the chase" but you have to watch what he does, not what he says. He's just spinning his usual line about how "if a player comes in he must complement the squad and compete for a place" etc. etc.
Wenger has been consistent about bringing in cover over the past two transfer windows, even if it hasn't been of the top quality that we'd prefer. We had a "full complement" at the start of the season, with Verm out for a somewhat indeterminate period, we're a man down.