Wenger met Gunners majority shareholder Kroenke and chief executive Ivan Gazidis on Monday to discuss his future before his contract expires next month.
Arsenal qualified for the Champions League in every full season under Wenger until this year, when the team missed out after finishing fifth in the Premier League.
Wenger's future has been the subject of fierce debate for most of the season and he admitted after the FA Cup final success against Chelsea at Wembley that the uncertainty had had an impact on the season.
Guardiola has £300m to build a team capable of winning multiple titles
Wenger's contract was set to finish at the end of the current campaign but he is now ready to stay a little longer.
"Our season was incredible, to win the league in this way".
That effectively reduced the Blues to 10 men in that final they were seeking a second trophy to add to the Premier League this season.
Good or bad news for Arsenal fans?
UK Conservatives extend lead to 10 points over Labour: Kantar poll
The poll is based on a new methodology, founded on a constituency-by-constituency selected panel of 50,000 interviews a week. The US dollar index edged up 0.1 per cent to 97.420, holding well above last week's 6-1/2-month low of 96.797.
The 67-year-old Frenchman's new deal, which will take his tenure up to 23 years, is believed to have been rubber-stamped during a board meeting on Tuesday.
"Arsene Wenger was still winning FA Cups and until this season he had always got in the top four, but now that's changed".
"Arsene Wenger was the greatest manager I've ever seen at Arsenal".
We did report that Thomas Tuchel could possibly be coming aboard Arsenal FC as Arsene Wenger's replacement, but truth be told, that's not happening.
Eoin Morgan's century helps England to 339 vs South Africa
England captain Morgan suggested that the all-rounder was fit and his pain wasn't a serious one. But they both fell in quick succession to leave the Proteas 149 for three.
Watch on as Arsenal lift their 13th FA Cup trophy, as Aaron Ramsey's late goal proved to be the decisive goal vs. Chelsea.
"But when a game starts you support your team".
"Outside of the game I never had any word with any journalist in 20 years when they criticised my decisions and it is the same with the fans".
Some board members reacting to these concerns wished to install a director of football who could work on potential transfer targets but this has been vehemently opposed by Wenger.
Kabul Car Bombing Kills At Least 80 People, Injures Hundreds More
There were also fears that given the location of the explosion - near embassies - worldwide staff were caught up in the blast. There are about 8,400 U.S. troops in Afghanistan - a majority of them are involved in training and advising Afghan troops.
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