The 62-year-old is the Gunners' longest-serving manager in team history and currently has three years remaining on his contract. However, he has told friends that he is preparing for his final season in north London, according to Goal.com
Wenger has been the subject of increased criticism from Arsenal supporters after finishing six seasons in a row without silverware, and is concerned his control at the club could decline following businessman Stan Kroenke's takeover.
The Frenchman is said to have held informal talks with the new owners of Ligue 1 side Paris Saint-Germain in order to discuss a possible, future managerial position at the club.
Wenger joined Arsenal in 1996 after spending one season with Japanese outfit Nagoya Grampus.