Arsenal legend George Graham feels there's huge unanswered questions hanging over the club at the moment.
Graham is no longer confident that Arsenal's place in the Champions League, cemented by Wenger for the past 14 years, is a foregone conclusion.
He told the Mail on Sunday: "It's the first time in his life that Arsene has had to deal with a big blip and, through his record, he has rightly earned the time from the Arsenal board to rectify matters. Yet there do seem to be more answers than questions right now - and that's sad.
"Are Arsenal slipping because they cannot - will not - pay to buy really top class players? Or break their wage structure? Six years ago, Arsenal went through an entire season in the Premier League without losing a game as that team, The Invincibles, had not one, but many world class players: Thierry Henry, Patrick Vieira, Dennis Bergkamp, Gilberto, Robert Pires, Ashley Cole.
"Why didn't Arsenal sign replacements for Fabregas, who was obviously looking to leave, and Nasri before they were sold? Instead, Arsene was reduced to signing Per Mertesacker, Mikel Arteta, Alex Oxlade-Chamberlain, Ju-Young Park, Andre Santos and Yossi Benayoun all at the last minute.
"No one from the club has said we have enough money for Arsene to buy whoever he wants. I'm not talking about a £10m player, I'm talking about players of real quality, those costing £30m to make a big difference. Even though Arsenal haven't won a trophy for six years, they have still been close. Last season, they were in the hunt for four trophies until the last couple of months, but still came up with nothing.
"Was that a surprise? Not to me. Arsenal again declined to buy the kind of quality players in the January transfer window that could have given them the impetus to win something.
"Arsene's transfer record has been outstanding, but all eyes are on him now for the players he bought in at the last moment. If Arsenal can finish in the top four this season, it will be one of Arsene's finest achievements. But I think that's going to be tough, and the odds are lengthening after the squads that Tottenham and Liverpool have assembled."