Arsene Wenger signed a new two-year contract as Arsenal manager on Tuesday.
Wenger, who has held the helm at Arsenal for 21 years, met club owner Stan Kroenke on Monday to determine his future. The decision was relayed to directors at a Tuesday board meeting, but Arsenal is planning to make an official announcement on Wednesday, BBC reported.
Arsenal missed out on Champions League qualification for the first time in two decades after it finished fifth in the Premier League this season.
It finished 18 points behind champion Chelsea, but beat the Blues 2-1 to win the FA Cup at Wembley on Saturday.
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