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Horner, who led Red Bull to eight drivers' titles and six constructors' championships, and Wolff endured a rivalry for much of the past decade.
In January Alpine said Horner was among "multiple interested parties" to have discussed investment with the team.
Wolff and Mercedes are also looking at buying private investment firm Otro Capital's 24% shares in Alpine.
Wolff said there is "no connection" with Horner in regards that investment and it would be "quite sad" if that was a consideration.
"I am in two minds about it [Horner returning to F1]. The sport is missing personalities. And his personality was clearly very controversial and that is good for the sport," Wolff said.
"I said to [Ferrari team principal] Fred Vasseur that it needs the good, the bad, and the ugly. And it is now only the good and the ugly left. The bad is gone.
"Would I consider that he could ever be an ally or someone that shares objectives? I don't think so.
"But even when I had the biggest frustration, and anger with him, you need to remind yourself that even your worst enemy has a best friend, so there must be some goodness.
"If there wasn't that competitive rivalry over so many years, and if there was more water down the river, I am sure I could have had hung with him over dinner and a had a laugh."
Red Bull's Max Verstappen won four consecutive drivers' titles from 2021 to 2024, ending Mercedes' dominance with Lewis Hamilton, who was controversially denied five straight titles.
Horner, who has said he has "unfinished business" in F1, was last year overlooked to take over at Aston Martin.
"Over those years it was just too intense, too fierce, and things happened which even today I cannot comprehend why he has done them," Wolff said.
"I don't know if he is finding his way back, and in which function. I certainly don't wish him bad. And we need to give each other credit. There are not many team principals who have done what he has done."
