The frugal Frenchman is under increasing pressure to deliver trophies at the Emirates Stadium, and his reluctance to spend big in the transfer market has left Arsenal falling further behind the Premier League pacesetters.
Failure to add to the Gunners' trophy cabinet this year will mean seven seasons without silverware, and fans are starting to run out of patience with a man who has been at the north London helm for more than 15 years.
Wenger has not publicly stated his dissatisfaction, but with a potential escape route on offer by Les Bleus, the Arsenal boss may call time on his stay in England.
According to Journal du dimanche, the French Football Federation are preparing to call time on Laurent Blanc's tenure at the end of Euro 2012, in favour of a move for the vastly experienced coach.
Noel La Graet, the FFF president is said to be monitoring Wenger's situation with a view to offering him the role after this summer's finals in Poland and Ukraine.
Blanc's contract is up after the tournament, and La Graet has previously claimed that his future depends on France's success at Euro 2012.