He's not a replacement for Òzil or Sanchez in this current system. His passing, dribbling, touch and goal threat doesn't come close to those two.
I don't subscribe to the theory that a wingback has to be little more than a glorified fullback. I want players there that can make a difference in the final third as well as contribute more to our possession in the middle third. Otherwise just go with fullbacks and a back 4. I hope Wenger saw what Chamberlain contributed from RWB and now sees what quality you can get into the side via those two positions. And that is why he's after Lemar, but I doubt that's the case. I think he could be a real weapon for us in that position though, and he's quick enough, energetic enough and hard working enough that I think he'd hold his own when we dont have the ball as well. Exhibit A:
I just don't see him playing in central midfield in this system. He could play there but I think it wouldn't be the best use of the strengths he has. His best position in my view would be as the left sided CM in a 3, linking with an overlapping left back. Maybe Wenger wants to return to a back 4 and Lemar could play a similar role off the left or right of midfield. Although Wenger has recently said been categorical in saying he's going with a back 3 at the start of the season. And I don't think he'd spend this sort of money and make big promises, as he no doubt has, without having a role very much in mind from the beginning.
Either Wenger thinks like I do on this one and sees the wingback role more as a wide midfied role and as a big opportunity to get more quality and attacking diversity into the team or he sees Lemar playing in one of those other roles. He's not paying £50m+ for a glorified fullback that's for sure.