Arsenal directors have held talks this week with manager Arsene Wenger.
Mirror says the Frenchman has been locked in discussions with Stan Kroenke and the club's other top brass regarding his future.
It's suggested Wenger has agreed a new two-year deal - but the he hasn't formally put pen to paper.
Majority shareholder Kroenke reportedly wants Wenger to stay and mastermind a massive squad overhaul.
Alexis Sanchez and Mesut Ozil could be packing their bags in the summer and the club will need to source reinforcements.