The long-serving manager has come under increased pressure in recent months.
The long serving Frenchman has come in for criticism once again this season, with his side falling away in the title race.
They currently sit 11 points away from leaders Leicester City, despite having sat at the top of the table at the end of 2015.
They have also exited the FA Cup and the Champions League, with many calling for Wenger to end his long association with the club.
He has stood firm in the face of the criticism coming his way, and now he has seemingly received the backing of the club’s major shareholder also.
"I believe that Arsene Wenger is a great coach,” the Independent reports him saying.
"Arsenal has to give him the opportunity to plan the succession process and leave his legacy when he deems it necessary.”
"It is very important for the football club to maintain the principles that were established by those people who created its victories. Arsenal needs Arsene Wenger."
The subject of Arsene Wenger’s reign coming to an end is certainly an interesting one, as they will have to plan his replacement at some point.
The problem for the Gunners at present is that there are not any top tier managers available, with the likes of Pep Guardiola and Carlo Ancelotti, who would have been ideal, committed elsewhere.
Indeed, it is that fact which may have stopped the club from biting the bullet and sacking Wenger already.