The Gunners boss has been under increasing pressure in recent weeks.
Wenger has come in for increased criticism in recent weeks, with a poor run of form from his side seeing them fall away in the title race.
They are currently eight points behind leaders Leicester City with just eight games remaining, having at one point been clear at the top themselves.
The blame for that has been largely placed on the manager’s shoulders, with some fans displaying banners calling for him to leave.
Nicholas is unimpressed with those though, saying they are classless and fans should be better than that.
“I don’t like the banners, I find them classless,” he told Soccer Saturday.
“I think Arsene and the club are better than that and the fans should be better than that.
“But I take their point, I get it and understand it. I would just say get to the end of the season and see what the situation is.”
Wenger’s long-term future at the club is sure to rest on how they fare in the title race this season.
Given their rivals’ struggles, this year was their best opportunity to win it for a long time, but instead they find themselves trailing the Foxes and North London rivals Tottenham Hotspur.
They are still in the FA Cup, but a third success in that tournament is unlikely to appease Arsenal fans who feel the title should have been theirs this season.