With his long-term future in North London relatively uncertain, Wenger, whose contract expires next summer, might well be in the twilight of his career with the Gunners, whom he joined way back in 1996.
The North Londoners are guaranteed to win nothing this season, in a Premier League campaign which looked, at one time, like they were stand-out candidates to win the title.
Their season unravelled last month following defeats by Manchester United and Swansea City within days of each other, before Barcelona and Watford eliminated them from the Champions League and FA Cup respectively to ensure it's about a top-four finish again for Arsenal.
Fan protests, from several different groups, against the 66-year-old Frenchman are scheduled to take place ahead of Saturday's visit of Norwich City and such frustration has inevitably prompted questions over who could replace him at the Emirates.
Arsenal legend Ray Parlour touted Simeone to replace him (The Independent), but although Balague says anything could happen, he does not believe the Argentine suits the club's philosophy.
Responding to a tweet regarding whether Simeone would join Arsenal in the "near future", Balague responded to Sky Sports: "These kind of questions… what does the near future mean? At the moment, remember his philosophy, game by game… he wants to stay at Atletico this summer. In the future? Who knows.
"By the way, I insist on the idea that he does not fit the Arsenal philosophy at all, so I don’t know why people think there is an opportunity."
Simeone, who inspired Atletico to a shock Liga title in 2014, as well as guiding them to the Champions League final in the same year, is contracted to the Rojiblancos until 2020.