Arsenal manager Arsene Wenger could consider a move to mega-rich Monaco or Real Madrid if he fails to extend his stay at the Emirates beyond this season, according to sportsbook Betfair.

Wenger's long-term future remains open for debate despite a public insistence that his commitment to Arsenal has not wavered, with the Frenchman's current contract expiring at the end of the season and no confirmed agreement over fresh terms forthcoming.

The Gunners still expect Wenger to sign on for next season regardless of whether their fight for silverware proves successful, with the FA Cup presenting a golden opportunity to end the club's eight-year trophy drought in May.

A combination of injuries and poor performances look to have killed any fleeting chance of Premier League success though, with Arsenal floundering in a 6-0 defeat at Chelsea last weekend before failing to beat Swansea City at home on Tuesday night.

Betfair have Wenger as a best-priced 6/4 to finish his managerial career, but Monaco and Madrid are viewed as viable alternatives that cannot be ignored.

Hugely-ambitious Monaco are desperate to become a force in the Champions League while challenging Paris Saint-Germain's dominance in Ligue 1, which Betfair believe makes the principality Wenger's most likely next move if he does decide to look for a fresh challenge away from North London.

Madrid meanwhile have courted Wenger in the past and have a relentless hunger to secure a 10th Champions League title, enough to price Wenger at 4/1 to move to the Bernabeu after Arsenal, with Monaco just ahead at 3/1.

Wenger could of course end speculation by matching his public declarations to a new long-term deal with Arsenal, but until then a price of 200/1 to move into the world of teaching Economics are the kind of comedy offerings available on the market for a radical career change.

Special Betfair odds on Arsene Wenger’s next job:

No job after Arsenal - 6/4
Monaco Manager - 3/1
Real Madrid Manager - 4/1
PSG Manager - 5/1
France National Team Manager – 10/1
Economic Lecturer - 200/1
Chancellor of the Exchequer - 500/1

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