According to the UK Mirror, the 67-year-old is expected to have talks with the Gunners’ board, after he confirmed he had taken a decision on his future last week .
The club has, however, said any decision would have to be a “mutual” one and is not just down to Wenger.
With the Frenchman overseeing his worst period at the club, there has been discontent among the fanbase, especially with the team outside the top four places, which might see Arsenal fail to qualify for the Champions League for the first time in 17 years.
But Wenger is not bothered about missing out on Europe’s premier club competition.
“My decision will not necessarily be linked with that because I’ve done the top four 20 times. It’s more, it’s not that,” he said.
“I take a bigger perspective than that. It’s not the last result that will decide what I will do.
“It’s not [the end of the world], not any more. That was for a long time the case, but not today. Financially, I mean.
“Of course, on the sporting front it would be a blow, but financially the Champions League does not have the impact any more that it had five or six years ago because of the influx of the television money [to the Premier League].”