Wenger's future at Arsenal is in doubt following the Gunners' 5-1 defeat to Bayern Munich last week.
But the Frenchman has insisted he will not retire this summer, even if it means managing a club other than Arsenal.
The Gunners take on non-league Sutton this evening looking to set up an FA Cup quarter-final with Lincoln.
Alan Smith believes an FA Cup win won't save Arsene Wenger's job at Arsenal
But former Arsenal striker Smith believes Wenger could be off even if Arsenal win the competition.
"They've won the FA Cup a few times in the last few years and that hasn't placated the fans," Smith told Sky Sports.
"A lot will depend on where they finish in the league.
Arsenal all smiles in training ahead of Sutton showdown
Sun, February 19, 2017
Express Sport brings you all the best snaps as Arsenal train ahead of their FA Cup clash with Sutton United
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Arsenal have been training ahead of their FA Cup clash with Sutton United
"If they finish outside the top four and the Champions League that might be a deciding factor.
"They could win the cup and not play so well in the league and the fans would still not be happy.
"I don't think the FA Cup would necessarily right the wrongs, or the unhappiness that the fans are feeling at the moment.
"I don't think a cup win would wipe that away in a stroke."