The former Arsenal boss has tipped his home country to follow up their World Cup triumph in 2018 by securing continental silverware as the squad is packed with top-quality players who have not "peaked".
Wenger said: "They are not the favourites, they are the super favourite.
"Favourite is not big enough, because when you win the World Cup and then you have in your team, (N'Golo) Kante, (Paul) Pogba, (Karim) Benzema, (Antoine) Griezmann, (Kingsley) Coman, (Olivier) Giroud, I forget half of them. (Ousmane) Dembele.
"You will have on the bench 11 players who would play basically in any other national team.
"So you cannot refuse the fact that you are world champion and it's a team which has not peaked.
"It's a team that's still going up, because they're all young these guys. Apart from two or three, the core of the team is very young."
Wenger - who is now FIFA's head of global football development - believes that England could be the biggest obstacle to French glory this summer.
He said: "The English team is for me the team who can most threaten France.
"They have top quality players. They are maybe still a bit young some of them but this season with Mason Mount, (Phil) Foden, they have (Jack) Grealish, Declan Rice and of course Harry Kane up front and some experienced players like (Jordan) Henderson. They can compete with France."