"He had a scan two days ago and he's out for a while", Wenger told reporters.
Despite all the reported interest in the Chilean from PSG and Manchester City, offers are yet to materialise, and Sanchez's wage demands are thought to have put off some suitors.
"Alexis will not be available", Wenger said when asked about team news ahead of the visit of the Foxes.
The 23-year-old England global has struggled to secure a regular place since arriving at Arsenal six years ago, but Wenger believes the winger has the potential to become a great player.
"He adds great value to the squad and I think as well he is a great lover of the club". He has an abdominal strain and could be out for one or two weeks. "I don't think I would have started him", he said.
"When a player goes into the final year of their contract we will try to extend the contract because there is no reason we shouldn't do it, but we are not there yet".
"It's a long time I didn't speak to Nasser, because it's certainly very busy to complete the transfer of Neymar and it's a long time that I didn't speak to him".
"And anyway, we play other competitions".
Wenger also said there are "plenty of uncertainties" around players like Mesut Ozil, Aaron Ramsey and Per Mertesacker for the Leicester clash - Ozil and Ramsey missed the Community Shield victory, while Mertesacker was taken off injured after sustaining a head injury.
'We have players coming back who have not played like Mustafi and Sanchez but Sanchez will not be available.
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