what are the minimum hardware requirements to setup wifi on arm-7 processors.
I'm not sure whether you mean ARMv7, ARM Cortex-M7, ARM Cortex-A7 or ARM7TDMI.
But if you're building your own board or interfacing to an evaluation board for instance, you could try a ESP8266 module, which you can communicate with using UART/USART. These small modules should work with any microcontroller which has a serial interface.
I'm mentioning those modules, because you can get them for prices as low as $4 (including shipping; it just takes a while before they arrive).
Of course, there are also Cortex-M3 and Cortex-M4 based microcontrollers with built-in WiFi support, but they will require some additional external components.