The agreement which ended months of uncertainty, should it be completed, will extend Wenger’s time at Arsenal to 23 years.
This is coming after the 67-year-old met with directors of the club at a board meeting on Tuesday, following talks with club owner Stan Kroenke to determine his future.
Arsenal won a record 13th FA Cup last Saturday, beating Premier League Champions Chelsea 2-1.
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After finishing fifth in the Premier League this season, the first time they have finished outside the top in Wenger’s reign, the Gunners are expected to spend at least £100m on new players in the upcoming transfer window.
Arsenal are expected to officially confirm the Frenchman’s future later today.