The veteran French coach has been linked with the England manager's position in the days since Roy Hodgson's resignation, but the Gunners are keen to keep hold of their boss of 20 years.
Wenger has one year to run on his current deal which he will see out, but the hierarchy at the Emirates Stadium want to tie him down for longer in a bid to ward off the Football Association.
Owner Stan Kroenke will only sign off on any deal, however, if Arsenal make an encouraging start to the 2016-17 campaign.
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