The Daily Star says players and other backroom staff feared he was going to quit on Wednesday night after the 5-1 Champions League thrashing at Bayern Munich.
A source close to an Arsenal player said the Frenchman was so low it was thought he was going to resign at the after-match press conference.
But yesterday he disclosed that his future would probably decided, “in March or April".
It has been reported Wenger has been offered a two-year contract extension at the club he has managed for over 20 years.
On German TV before the Bayern match he revealed he was planning to make a decision soon.
Asked when he would make his mind up whether to continue next season, he said: “March, April probably."