Arteta has not featured for Arsenal since November after sustaining a serious calf injury against Borussia Dortmund. With his contract up at the end of the season, speculation regarding his future was starting to spiral.
But despite doubts over his future role in the team, Arteta has told Wenger that he will sign a 12 month deal worth £70,000-a-week once he returns to full fitness. Having already returned to training, that could be as soon as next month.
Doubts have emerged as a result of Francis Coquelin's rise to prominence. The Frenchman was still on loan at Charlton Athletic when Arteta played his last game for Arsenal, but has since become a key member to the team.
Coquelin is likely to keep his place in the starting line-up when Arteta returns while Mathieu Flamini is also competing for a place on the bench.
But while the 33-year-old's place in the team seems to have been usurped, Wenger has managed to convince him that he still has an important role to play.
Arteta is still the captain of the Arsenal team and Wenger wants him to stay at the club to be an example to the younger players. He is remains an excellent passer of the ball and could be preferred to Coquelin when they play more defensive outfits.
Not only will Coquelin be in Arteta's way when he returns, but there is likely to be a fresh face to compete against next season.
Wenger sees no reason to stop his summer transfer plans even though Arteta is signing a new deal.
Arsenal are leading the chase for Southampton's Morgan Schneiderlin and Wenger is expected to part with as much as £25million to get him.
Should his bid to sign Schneiderlin fail, he is also planning offers for Borussia Dortmund's Ilkay Gundogan or Real Madrid's Asier Illarramendi.
It does appear as if Mikel Arteta's future is lying further away from the football pitch and more towards the training ground. He may play a lot less next season but his role at Arsenal could become more important than ever.
Do Arsenal fans think giving Arteta a new contract is a good idea?
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