Despite a difficult beginning to the season, Wenger is close to securing Champions League football once again for Arsenal and Hill-Wood believes that the Frenchman is still the right manager for the club.
Hill-Wood said: "For him to stay longer than that would be perfect. I can't think of anybody better to run the team.
"He has a young squad, with some excellent young players. He is building a young team with a great future and I am sure he would love to see them develop.
"I would want him to stay as long as he is happy here. He has been with us 14 years and has done a magnificent job."
Wenger's current deal expires in June 2014.