Wenger's deal at Emirates Stadium is due to expire this summer and speculation over his future has been rife in the final months of the 2016-17 season.

But, after winning the FA Cup against Chelsea last Saturday, the BBC and the Daily Telegraph report Wenger met with club owner Stan Kroenke on Monday before a decision to hand him a new deal was relayed to the board on Tuesday.

"The club are planning to make an announcement on Wednesday afternoon," a spokesman told the Press Association.

A day earlier, sources told ESPN FC that Wenger had already agreed the broad outline of a new two-year contract at the club as long ago as November, with Tuesday's board meeting the final hurdle before signing it.

Along with Kroenke's support, Arsenal chief executive Ivan Gazidis is also prepared to retain Wenger on the proviso that changes are made behind the scenes in order to ensure that the club can make a smooth transition to a new manager once the 67-year-old eventually vacates his position, sources said.

News of Wenger's stay now looks set to be announced on Wednesday, with the former Monaco boss prolonging his contract until 2019.

Wenger took over at Arsenal in 1996 and has since won three Premier League titles and seven FA Cups -- the latter a record for a single manager.

A failure to compete for the Premier League crown, coupled with missing out on qualifying for next year's Champions League after this season's 10-2 aggregate defeat in the round of 16, has seen Wenger come under intense pressure from sections of fans, but he is now due to lead the club in the 2017-18 campaign.