After 20 years in charge of the north London outfit, the Frenchman has shaped and moulded Arsenal in his vision. His standing in the game is unquestioned and his achievements in the first half of his reign can't be scoffed at.
There has been much speculation over whether Wenger will stay, even though a two-year contract offer is on the table.
He has already made clear his desire to manage even if it isn't at Arsenal next season.
But on Tuesday against Bayern Munich in the Champions League, it felt like the beginning of the end. The gulf in class at the Emirates was evident for all those who watched.
Back-to-back 5-1 defeats would have been difficult for any manager to swallow and Wenger has suffered many a chastening night in Europe.
Wenger's stubbornness is nothing new – it ranges from the way he sets his side up on the pitch to his approach to the transfer window.
Arsenal fans stage protest over manager Arsene Wenger
Tue, March 7, 2017
Disgruntled Arsenal fans have staged a protest over struggling manager Arsene Wenger
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Arsenal fans a stage protest over manager Arsene Wenger
Arsene Wenger has had a torrid season
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Laurent Koscielny's sending off changed the complexion of the game for Arsenal
We wanted to at least go home and feel we dealt with the situation with pride and commitment
The fans have grown increasingly disgruntled with the way the club is run from top to bottom and a large proportion of the blame has been levelled at Wenger. Protesters voiced their anger in large numbers, with the Wenger Out camp once again calling for him to leave.
Yet what was most alarming was his post-match comments in the wake of the Bayern defeat.
Yes, in both legs there was a recurring theme – without Laurent Koscielny, the Gunners crumbled in spectacular fashion. Arsenal were 1-0 up, and while a comeback still seemed to be virtually impossible, there was a belief, a sense of unity, something that has been missing in the past few weeks. But after Koscielny's sending off, Bayern assumed full control and they were rampant, scoring five times in the space of 30 minutes.
Wenger took some issue with a series of refereeing decisions, but ultimately he is a proud man who works painstakingly hard to try to bring the best out of his side.
What he said after the game smacked of a man who is clutching at straws, trying to find positives out of a performance that meant nothing.
This sense of pride was reflected when he tried to put a positive spin on things, as he said: "We wanted to at least go home and feel we dealt with the situation with pride and commitment.
"We did that. The fact that the end result will not highlight the quality of our performance is very disappointing."
Privately, Wenger will be hurting and his pride will have taken a battering too.
It would be too far to suggest Wenger is suffering from delusions of grandeur, but there is an inevitable sense of an end of an era for Arsenal.
He will no doubt be proud of his achievements so far, but he will of course want to be proud of the legacy he leaves behind.
Arsenal still have the FA Cup to play for as well as ensuring their place among Europe's elite next season – Wenger has a proud record of never finishing outside the top four during his time at the helm.
However, there is an appetite for change. If Wenger wants to salvage any pride, he needs to ensure the Gunners respond on the pitch and give the fans at least something to cheer about come May.