And his future at the Emirates has become increasingly uncertain after a series of humiliating results.
The Frenchman revealed last weekend he has reached a decision over his future and would make his intentions public soon.
And Gunners legend Pires believes it is imperative Wenger stays at Arsenal.
Robert Pires wants Arsenal boss Arsene Wenger to stay
"The most important thing is for Arsene Wenger to extend his contract," Pires told Sky Sports.
"I think Arsenal need stability and Arsene Wenger is very important for Arsenal for now and for next season.
"I believe in Arsene Wenger because for me it was a privilege to work with him for six seasons. The team we had was not perfect but it was good and we won some titles.
"I am a privileged man because I am still training with the team and I hope I can give some advice to the players.
Arsenal line-up if Luis Suarez had signed in 2013
Fri, March 24, 2017
Click through the gallery to reveal Arsenal's 2013/14 team if they had signed Luis Suarez
Get Quotes on Home Insurance
1 of 12
Click to reveal Arsenal's 2013/14 team if they had signed Luis Suarez
A number of Arsenal fans want Arsene Wenger to leave
"I talk to Arsene Wenger every morning and I hope he can bring some stability to the club.
"A lot of fans talk about Arsene Wenger but I think he is the manager for Arsenal.
"The players and Arsene Wenger need to fight and right now there are two objectives for Arsenal.
"The first is to finish in the top four so they can play in the Champions League again next season and of course it is very important to win the FA Cup."