Wenger joined Arsenal in 1996, making him by far the longest-serving current manager in English soccer.
"With no-one to step in, it will now be a disaster if Arsene goes".
Wenger has implied that he would like to stay at the Emirates and said after the defeat of Chelsea: "You can't have 35 years at the top level if you're not the right man to do the job".
Wenger said he was optimistic for the future and said work was under way to plan for a title challenge next season - with Arsenal having not lifted the Premier League trophy in 13 years.
We have created a dynamic that is very positive and we want to build on that and transfer that positive end of season [form] to the new season.
The club is expected to announce the move formally on Wednesday.
84 - They have conceded the most in matches against Chelsea (84), with Liverpool (81) just behind.More news: Why Trump doesn't care that most Americans believe in climate change
His continental approach brought in innovative training and dietary techniques. We went 20 games unbeaten, including the Champions League, and we finished top of the group in the Champions League.
There was undoubted bad blood between Wenger and Ferguson - and it sometimes manifested itself on the pitch between the players - but ultimately there would be mutual respect between the managers. Additionally, in 2003-04 season he became the first manager to lead a club through an unbeaten season in the Premier. But we did not create football because we wanted to create business. "I think I touched the sky", Pires would later remark upon his performances during that campaign and, alongside Freddie Ljungberg, Dennis Bergkamp and Henry, he was the final piece in the puzzle of the iconic Invincibles attacking line of 2003-04.
"No, its first fun, enjoyment, and happiness".
But two late goals did for them.
Fan unrest was at its worst the following season as the Gunners slipped from league contention by February and were routed 10-2 on aggregate by Bayern Munich in the Champions League.
By 2013, Arsenal's title drought extended to eight years and Wenger would soon be labeled a "specialist in failure" by managerial rival Jose Mourinho. Aside from not winning the Champions League, the team haven't won the Premier League since 2004.
Asked if the decision was easy or hard, Wenger said: "For me it's always easy on a loving affair because I identify myself so much with the club".