The top flight of English football is one of the wealthiest and most powerful leagues in the world.
Some of its clubs are the richest sports brands and the likes of Chelsea, Manchester United, Liverpool, Arsenal and Man City have billionaire owners.
Wenger, who managed the Gunners for 22 years but now works for FIFA, thinks other leagues could usurp the Premier League due to the implications of the UK leaving the European Union.
Wenger told the Mirror : "Certainly, subconsciously maybe for some people, it was to regain some sovereignty of their own destiny. And football is completely the reverse.
"When I arrived, English football belonged to English people. Today, the English Premier League belongs to foreign people.
"How will that change? That will depend now on how Brexit will be applied to football.
"Will people inside Europe be considered as foreign players who cannot play in the English Premier League? I don't know.
"But if the rules are restrictive, they will kill the superiority of the Premier League.
"Because today the Premier League depends on worldwide exposure, with the best players and worldwide ownership with multi-billion owners from around the world."
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Wenger also feared that some of the best foreign coaches would decide against coming to the Premier League.
He added: "They will want to go where the best players are. So overall, that will depend on the decisions made.
"But I believe you're intelligent enough in England and love football enough not to destroy what is basically a diamond today."
Former Arsenal manager Arsene Wenger believes Brexit could have a significant negative impact on the Premier League.