Wenger's current deal expires at the end of the campaign, although the Frenchman has reportedly already been offered a new two-year contract by Gunners owner Stan Kroenke.
He told Daily Mail: "It's not a question of my loyalty, I want to feel I can do well for this club. It's as simple as that. I can build another new team, but haven't got 17 years, that is for sure.
"I can build another team because in 17 years I had a few teams, but at the minute I'm looking at the short term. I will make a decision about the longer term later."
Arsenal currently sit top of the Premier League thanks to a 12-match unbeaten run, which also includes Champions League wins over Marseille and Napoli.