Arsene Wenger is set to have his new two-year deal announced
The Frenchman's future has been one of the talking points of the season as he battles to extend his 21-year reign against a backdrop of supporter unrest.
Failure to qualify for the Champions League for the first time since 1996 increased the pressure, before Arsenal and Wenger won the FA Cup by beating Chelsea 2-1 on Saturday.
Arsenal's board met today to discuss their out-of-contract manager but the club would not confirm reports he had agreed a prolonged stay.
"The club are planning to make an announcement on Wednesday afternoon," a spokesman said.
Earlier today, former Arsenal striker Ian Wright spoke of his fears Wenger could leave the Gunners "totally in the lurch" by walking away this week – fears that could soon be allayed.
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Arsene Wenger lifts FA Cup as Arsenal players celebrate Sat, May 27, 2017
Arsene Wenger was the centre of attention during the wild Arsenal celebrations
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Arsenal celebrate winning the FA Cup against Chelsea
Arsenal's second-highest goalscorer of all time says it has been "total incompetence" to have allowed this situation to have arisen.
Writing in his column in The Sun, Wright said: "I've got a nasty feeling Arsene Wenger will walk away from the Arsenal job today, leaving the club totally in the lurch.
"And you would have to say it would serve them right, because there has been absolutely no forward planning for the day when he finally left the Emirates.
"The only way the board should have let him run down his contract is if they had private assurances he was staying.
"Otherwise, it is total incompetence to get to this stage."
Wright believes Arsenal should have singled out Wenger's eventual successor some time ago and now fears what the knock-on effect could be if the Frenchman does go at this point, with regards summer planning and transfer activity.
The 53-year-old ex-England international also warned fans of the north London club who are upset at a fifth-placed finish in the Premier League that things could get even worse.
He added: "The next boss should have been identified ages ago and shepherded by Arsene for a season or two, even if he didn't like the idea.
"With no one to step in, it will now be a disaster if Arsene goes. That's why I often tell fans to be careful what you wish for.
"We already face a season in the Europa League – and things could get a lot worse before they start to get better."