The Frenchman’s current contract expires at the end of the year and he has always insisted he will only consider his future then.
On Saturday, Wenger saw his team lose 3-1 to Chelsea, a result that leaves them 12 points behind the league leaders, with little chance of winning the title for the first time since 2004.
Wenger says his decision on whether or not he will sign the new deal, will be based on “gut feeling”.
My future has always been certain, I focus 100 per cent until the last day of my contract,” he told the Independent.
“That is the only way you can guarantee the future. We worry about tomorrow. Tomorrow is not in the summer. It is tomorrow. It is not all quantifiable. It is linked with your gut feeling as well.”
Former Arsenal defender, Martin Keown, claims Wenger will sign a new deal with the club, as the board don’t have any alternatives.
“That might be a tricky one but if you look at it I think Arsene Wenger will decide when he leaves the club,” Keown said.
“I believe he manages up and down within the club. They are going to want a run-up to a succession plan for a new manager and that will mean Arsene Wenger signing a new deal.
“I’m not sure if that sits completely well with the fans. But if you look at other situations, Manchester United losing Sir Alex Ferguson shows what can happen.
“I believe he will sign a new contract. It’s just really the announcement and when is the right time to make that announcement.
“He needs to continue to do well enough to stay in the job. If he gets in the Champions League once more and maybe wins a cup.”