Arsene Wenger will renew discussions on a new contract believed to be worth £15 million, according to ESPN.
Arsenal fans had called for a marquee signing earlier in the summer, even if it came at the cost of Wenger's contract.
But, Wenger signed Mathieu Flamini on a free transfer from AC Milan and followed it up with a £42.5 million recruit of Mesut Ozil.
The record signing of the German international from Real Madrid was facilitated by a phone call from Wenger and the Arsenal fans are now more than willing to let the Frenchman continue in his position.
Owner Stan Kroenke and chief executive Ivan Gazidis also believe that Wenger should be offered a new contract and talks may soon begin, which can result in Wenger getting a two-year £7.5 million-a-season deal.
Reports also suggest that Wenger will have £40 million at his disposal in the January transfer window, which he can use to buy a world-class striker, having missed out on Luis Suarez in this window.
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