The Frenchman’s future has been one of the talking points of the season, the 67-year-old battling to extend his 21-year reign against a backdrop of supporter unrest.
Failure to qualify for the Champions League for the first time since 1996 increased the pressure, before Arsenal and Wenger won the FA Cup by beating Chelsea 2-1 on Saturday.
Arsenal’s board met yesterday to discuss their out-of-contract manager but the club would not confirm reports he had agreed a prolonged stay.
“The club are planning to make an announcement on Wednesday afternoon,” a spokesman said.
Earlier on Tuesday, former Arsenal striker Ian Wright spoke of his fears Wenger could leave the Gunners “totally in the lurch” by walking away this week – fears that could soon be allayed.
Arsenal’s second-highest goalscorer of all time says it has been “total incompetence” to have allowed this situation to have arisen.
Wright said: “I’ve got a nasty feeling Arsene Wenger will walk away from the Arsenal job today, leaving the club totally in the lurch.
“And you would have to say it would serve them right, because there has been absolutely no forward planning for the day when he finally left the Emirates.
“The only way the board should have let him run down his contract is if they had private assurances he was staying.
“Otherwise, it is total incompetence to get to this stage.”