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The Gunners came from 2-0 behind to defeat Hull City 3-2 after extra time in Saturday's FA Cup final, and Wenger all but confirmed he would extend his 17-and-a-half year stay in north London. The Frenchman is likely to sign his new deal before he flies to Brazil to work as a pundit for French television at the World Cup.
The length of Wenger's contract reflects the trust majority shareholder Stan Kroenke and chief executive Ivan Gazidis have shown in him. Last season, Jack Wilshere, Aaron Ramsey, Kieran Gibbs, Alex Oxlade-Chamberlain and Theo Walcott all signed long-term contracts, while Per Mertesacker and Tomáš Rosický inked extensions this year, as the club aim to mount a credible Premier League title challenge.
Wenger could end up managing Arsenal for 20 years
Wenger did, however, warn supporters an ascension from fourth to first in the space of a season would be "difficult".
"You have to accept that in England the Premier League is very tough," Wenger said. "You look at the top four this year, you have no Man United, no Everton, no Tottenham, these clubs have invested a huge amount of money and the club that have won the Premier League have invested an incredible amount of money, so it's difficult to beat them. But we'll try."
Arsenal are said to have made £100m available for Wenger to spend this summer, although it is highly unlikely someone as parsimonious as Wenger will take the Gunners' spending into nine figures. Manchester City midfielder James Milner has recently emerged as a target.
Wenger, however, must be braced to lose Bacary Sagna, possibly to Manchester City, while Łukasz Fabiański confirmed after the Cup final he had played his last game for Arsenal. Both players are out of contract this summer.
Sagna could become the fifth Arsenal player to join City in the last five years after Emmanuel Adebayor, Kolo Touré, Samir Nasri and Gaël Clichy all moved north. Fabiański has enjoyed a superior season than Arsenal No.1 Wojciech Szczęsny and Wenger must mull over whether to recruit a reserve goalkeeper or someone who will challenge the Pole.