The Frenchman’s current deal at the Emirates runs out at the end of this season.
But Wenger revealed he is in talks with Gunners officials and will make an announcement soon.
Wenger, 57, said: “We are talking and usually when we talk there is a positive outcome. At the moment nothing is done - but hopefully soon.
“I am highly committed to the club. I have said that many times.”
Wenger’s future at Arsenal has been in grave doubt.
He admitted his anger after the departure of friend and former vice-chairman David Dein — the man who brought him to the club.
And Thierry Henry revealed to SunSport before his departure to Barcelona that the uncertainty over Wenger’s future was one reason he left.
Bernie Ecclestone has revealed he would be “interested in buying Arsenal today” if it was on the market.
The Formula One guru would have to wait until next April due to a shareholders’ agreement.
But by then the share price could break the £790million that Malcolm Glazer paid for Manchester United.
Ecclestone, worth about £2.2billion, revealed he would make an approach through his friend Dein.
The 76-year-old said: “David mentioned it. The directors at Arsenal don’t want to sell and have signed a lock-out agreement for a year so we will have to wait and see what happens then.
“A lot can change in that time. I am still very interested. If I could buy Arsenal, I would, but I would want control.”
Ecclestone denied he was interested in buying QPR. But Renault boss Flavio Briatore is in talks with the struggling club, who have debts of £20m.
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