Wenger, who turns 61 in October, will be out of contract next summer but confirmed at Friday's press conference ahead of the new Premier League season that a new deal was on the table.
Looking forward: Arsene Wenger with Cesc Fabregas and Robin van Persie at a club open day last week
The French coach has revolutionised the north London club since hisarrival as a relative unknown in September 1996, going on to win thedomestic double in his first full season.
However, since the club moved to their new Emirates Stadium home, Wenger's young side have been unable to supply any more silverware, the last trophy being the 2005 FA Cup.
Yet the Gunners boss continues to have faith in both his own ability and that the current crop of talent will finally come of age.
'I have to show as well how much I believe in this team by showing my commitment,' he said.
'My situation will be sorted out very soon. It is more a question about timing, and all the other ingredients which are in a contract will be easy to short out.
'I believe my commitment to the club has nothing do with thespeculation of how the season would go, because that would be unfair,'he said.
'If I do not do well, and one day the club is not happywith me I can completely understand that I do not stay here any more.But I believe we will do well.'
Glory days: But Arsenal haven't won the title since their 2004 success
Wenger has set his sights firmly on delivering a first championship since his 'Invincibles' side swept all before them in 2004.
'What will be success is to improve from last year, which is to win the league - that is the only benchmark,' the Gunners boss declared.
You cannot finish third and then say for the season after, you want to finish behind that.
'We are a young side and the improvement is natural - the ambition is there, we are hungry for success. We know people want more from us and we are ready to give more, but success is to win the league.'
Wenger may be preparing for his 14th campaign at the helm, but the former Monaco boss maintains the desire for success burns as strong as ever.
'I love to win and I love football - I can combine the two and that is what keeps me hungry,' he said.
'It has nothing to do with the number of years you are in the job, it is just your nature - if I play any game with you, I will want to win it. If I lose I am sad.'
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