Wenger joined the North London club in 1996 and has made them one of the world's most famous and attractive football teams.
"You occasionally hear rumours of him going somewhere," Hill-Wood is quoted as saying in The London Evening Standard. "I do not think that is likely to happen. He's very happy where he is.
"He has a very good job in that we don't interfere with him. We agree with most of the things he says and he agrees with most of the things we say. I have seen some really successful Arsenal managers but Arsene has revolutionised the club.
"I would say he has been a bigger influence than Alex Ferguson on Manchester United in the way he has changed the traditions of the club and the outlook of the Premiership."
Arsenal have picked up five points from three matches in the Premier League so far this season.