Wenger's current deal at the Emirates Stadium expires at the end of the season and his future at the club has been in doubt since the departure of Gunners vice-chairman David Dein.
But Hill-Wood told the Daily Star: "Hopefully we'll have something to say in the next week or so.
"The length of the contract is up to him but hopefully it will be a two or three-year deal.
"We certainly want to pay him what he's worth. But money is not the major stumbling block - there are just little pieces here and there to sort out."