Following months of speculation around the Frenchman's future - not to mention a disappointing Premier League campaign - an announcement will finally be made on Wednesday.
News of Wenger extending his stay hasn't gone down well with the vast majority of Arsenal fans, who believe the time has come for him to leave.
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This is despite him masterminding an impressive FA Cup final victory over Chelsea on Saturday, with the Gunners winning 2-1 at Wembley.
Finishing outside of the top four was ultimately the last straw for supporters; not since 1996 have Arsenal failed to secure Champions League football.
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It represented a sign of the times more than anything else. Arsenal have been overtaken by their rivals and it's largely because of Wenger's reluctance to change.
Whereas Chelsea, Manchester City and Manchester United spend as they see fit on new signings, Wenger works on a budget and sticks to it.
One Arsenal fan who didn't hold back in expressing his frustration was Piers Morgan, who ranted about Wenger's new contract on Twitter (see below).
Gary Lineker is another who appears to disagree with Arsenal allowing Wenger to stay on.
Speaking to BBC Radio 5 Live, the Match of the Day host absolutely nailed his analysis on Wenger's new contract and the Frenchman's biggest problem: being delusional.
"Arsenal are further behind than Arsene Wenger thinks," Lineker said. "Arsenal have got a long way to go at the moment, they're a long way behind.
"If you ask me now whether Arsenal are going to be in the top four next season, I would say most probably not. [It's] remarkable how the manager determines his own future.
"The only other example of a manager that decides when and where he goes is Sir Alex Ferguson, but he was still winning league titles.
"Arsene Wenger was still winning FA Cups and until this season he had always got in the top four, but now that's changed."
Wenger doesn't seem to realise just how big a gap has opened up between his Arsenal side and the Premier League's top teams, Tottenham included.
Various reports claim the 67-year-old is now open to change, such as hiring a 'director of football', but that remains to be seen.
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