The Frenchman has been facing speculation surrounding his long-term future at the north London side after a testing couple of months for the long-serving Arsenal manager.
The Gunners lost their first FA Cup in three seasons earlier this month before the Premier League side lost 5-1 to Barcelona over two legs in their Champions League last-16 clash.
Arsenal have also faltered in the title race and Wenger’s are 11 points behind leaders Leicester City after a run of one victory in their last four Premier League games.
However, Arsenal shareholder Usmanov has issued his backing for under-pressure manager Wenger ahead of next weekend’s Premier League clash against Watford at The Emirates.
“The club must retain its major symbol and main asset – Arsene Wenger,” Usmanov is quoted as saying by Daily Mirror.
“Failures have been haunting Arsenal for many years now and this has led to some discontent with Wenger’s position.
“I believe Wenger is a great coach and Arsenal have to give the chance to plan the succession process and leave his legacy when he deems it necessary.”
Arsenal haven’t won the Premier League title since 2004.
Wenger led the Gunners to back-to-back FA Cup crowns in 2013 and 2014.
MORE: Man United latest news
MORE: Arsenal latest news
MORE: Chelsea latest news
MORE: Liverpool latest news