The Frenchman, whose current contract runs until the end of this season, has won 11 trophies with the Gunners during his 13 years in north London.
And on Friday Wenger, 60, revealed he is “very close” to committing to the Gunners after the club offered him a new deal.
“I have to show as well how much I believe in this team by showing my commitment,” said Wenger. “My situation will be sorted out very soon.”
Wenger added: “I believe my commitment to the club has nothing do with the speculation of how the season would go, because that would be unfair.
“It is more a question about timing, and all the other ingredients which are in a contract will be easy to sort out.
“If I do not do well, and one day the club is not happy with me I can completely understand that I do not stay here any more. But I believe we will do well.”
Wenger’s side kick off their Premier League campaign with a trip to Anfield on Sunday afternoon and the Gunners boss is targeting a first league title since 2004.
“What will be success is to improve from last year, which is to win the league – that is the only benchmark,” Wenger added.
“You cannot finish third and then say for the season after, you want to finish behind that.
“We are a young side and the improvement is natural – the ambition is there, we are hungry for success. We know people want more from us and we are ready to give more, but success is to win the league.”
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