The Gunners have been repeatedly linked with the 21-year-old, who was named Championship Player of the Month for September and attracted interest from Crystal Palace on transfer deadline day.
It is said Wenger is ready to pay £8m for the full-back after having his closest advisors watch the player, with local press reporting Arsenal scouts have attended all of Mings’ latest matches.
At his weekly press conference, Wenger said: “We are following a few young players but we are not close to signing anybody.”
Asked whether he had an interest in Mings, Wenger replied: “He is one of the young players we follow.”
Mings has made 22 league starts for Ipswich and concluding his signing would accelerate Wenger’s plan to have a core of talented young British players at the club.