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Wenger is approaching his 1000th match in charge of the Gunners, when they face off against Chelsea later this month, but his current deal is due to expire at the end of the season.
Majority shareholder Stan Kroenke is keen to see the Frenchman extend his stay at the club with a long-term deal on the table for him to remain as manager, having revitalised Arsenal as a title force.
Wenger has come under fire from some sections of the Arsenal support, with Arsenal having failed to win a trophy in nine years, with their last success being an FA Cup victory in 2005.
But those in charge at the Emirates value the French manager highly still and want him to stay, but a sticking point has arisen, with Wenger wanting assurances about transfer policy.
The Gunners hierachy have considered getting somebody in to help with transfer dealings, but Wenger wants full control of the ins and outs at the Emirates and is refusing to sign anything until he is given those guarantees.
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