The Emirates chief is under increasing pressure after a disastrous set of results, which included a 4-0 loss at AC Milan and Saturday's 2-0 FA Cup defeat to Sunderland.
Yet chief executive Ivan Gazidis, who missed the Champions League match in Milan as he was on a skiing holiday, has told Wenger he will not be discussing the Frenchman's future with the board.
But they are demanding the team finishes fourth to secure Champions League football next season.
Wenger, who took charge in 1996, will only leave the club on his terms.
With two years left on his contract, he will not walk away during the season.
He said: "People are always asking the same question but the first trophy is to finish in the top four and that's still possible for us.
"I believe that is vital for us, so let's focus on that."
Yet the situation will become even more serious if Arsenal are beaten at home by rivals Spurs this Sunday.
Arsenal fans are furious with Wenger's failure to recruit players in January and that will increase this month when the club announces yearly profits of about £50million.
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