Wenger's current deal expires at the end of the campaign and the club want him to extend his 20-year spell in north London.
Chairman Sir Chips Keswick was questioned about the Frenchman's contract situation during the club's AGM on Monday.
He said: "We all recognise the fantastic contribution Arsene has made to the club in last 20 years
"We are confident about his ability to take us forward.
"We will sit down and discuss the future at the appropriate time but our focus is on maintaining the current run and competing for trophies."
Source : PA