It is understood that after winning the FA Cup against Chelsea last Saturday, Wenger met with club owner Stan Kroenke on Monday to confirm his contract before a verdict to give him a new deal was carried to the board on Tuesday (May 30).
Us Billionaire and club's major shareholder Stan Kroenke's decision was sanctioned by the Arsenal board of directors following a meeting with Mr Wenger this week and the decision will be unveiled on Wednesday, according to a spokesperson of the inside panel.
The board meeting was attended by Wenger, Kroenke, his son Josh, Gazidis, chairman Sir Chips Keswick, as well as directors Ken Friar, Lord Harris of Peckham and the club secretary, David Miles.
Wenger's future was up in the air for the last couple of years after the Frenchman struggled to land a Premier League title in the last 11 years and failed to make enough progress in the Champions League for the last couple of years.
The supporters were often seen as a protest against Wenger and owner Kroenke about the situation. His contract was set to expire this Summer, however, it is now very much likely that the Frenchman will extend his 21-year reign at the club in the next season.
There were also speculations regarding a change in the system in the Arsenal as the Gunners are reportedly ready to appoint a director of football.
However, the spokesperson also denied the reports and suggested that it is unlikely that the changes will happen from next season.
The main motto of the board is understood to be winning the Premier League next season and add depth to the current squad with proper signings.
The Gunners have reportedly signed Schalke’s Sead Kolasinac on a free contract and are in-line for signing Nigerian starlet Henry Onyekuru from Belgian club KAS Eupen.