It is being reported in The Evening Standard amongst others that Arsenal manager Arsene Wenger has been offered a two year contract extension.

Wenger has confirmed this to be the case but is remaining tight lipped on whether he will accept the terms put to him.

“Yes, I didn’t deny that," he said to reporters regarding whether he had been offered a deal.

"I just said what I said at the start of the season and nothing has changed. I believe that when you manage at the club, you have to prepare the long term always and act like you would stay forever.”

This is sure to met with a mixed reaction by the Arsenal faithful who in recent seasons have been divided of opinion regarding Wenger's future at the club and even if he has anymore to give a club that he has managed since 1996.

He has undoubtedly played a big part in how the club is run these days whether it has been in agreement with the fans is another question.

Wenger's transfer policy, especially earlier this summer, was heavily scrutinised by many but with the signing of Mesut Ozil seems to have been a shift in philosophy.

Wenger spoke very candidly yesterday at the Annual General Meeting (AGM) regarding the future of the club:

He talked about three levels that Arsenal will be focusing on in the coming years.

He said: "The first level is, of course, to continue to defend our style of play, our philosophy of play and our values. That can only be done by developing our own players, and the core of our team has to come from the development inside our club.

"That is why we make huge investments again in our youth policy. I believe that has to be the core and the strength of our club.

"If you go today through our squad, for example we have completed or partially educated Szczesny, Jenkinson, Gibbs, Wilshere, Ramsey, Chamberlain, Gnabry - all these players who have made their debut in the Premier League with us.

"They know how we want to play, they know how we want to behave and they bring their qualities and these values to the team.

These words will not come as much of a surprise as this has been the club's philosophy for quite sometime now.

Whether this philosophy came about because of the financial constraints of the stadium move is up for debate, but with a growing emphasis on player development which is being encouraged by FIFA and UEFA it is important to be ahead of the game.

"The second level of the development of our club has to be based on the intelligence of our eye. That means players who are unknown and who can become big players here, through our connections, the quality of our scouting, through the quality of what we have seen in them and how they could develop.

"For example Koscielny has come here, nobody knew him, today he is an international with France. Giroud has come here, not many people knew him and he has now become an international player with France. Many people have come here and through the quality of our coaching and our development have become international players. They can complete the part of the players that develop inside from the youth level to the top level.

In recent years Wenger has been accused of being out of touch with the transfer market and rightfully so.

In his early days there were more positive signings than negative at the club this may well be down to the clubs scouting network and not Wenger who is now a lot more hands on with many of the initiatives within the club than before.

Regarding the two internationals mentioned, Laurent Koscielny and Olivier Giroud who both had their critics early on have now started to prove wrong the doubters.

"Then, the third part of our development and ambition is to scout and buy recognised world-class players. This season for example we have bought Ozil. You don't need any scout to buy Ozil. You just need money!"

Finally there no longer seems to be any disillusion from Wenger on this part of his transfer policy.

There has always been a need for a marquee name, a statement of intent, a catalyst if you will. Ozil is that man many were shocked when he was announced as an Arsenal player on deadline day, many are still pinching themselves. 

As Wenger and Gazidis have eluded to even before the Ozil transfer, Arsenal are now in a much better financial position due to the frugal nature of their transfer activity in past seasons and obviously the club has taken some hits with the sales of Cesc Fabregas and Robin Van Persie in recent seasons. 

As the club sits on top of the Premier league table going in to a home game with Norwich City tomorrow the future is looking for bright indeed.

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