The Sun says Wenger has been offered a two-year deal to boss Paris Saint-Germain.
The French champions want him to take over from Unai Emery this summer.
Wenger said in the aftermath of Saturday's 3-1 defeat at West Brom that he would make a decision on his Arsenal future “soon". And the indications are that he wants to stay on as Gunners boss.
Emirates chiefs are adamant that the Frenchman is master of his own fate — even though there is a growing feeling that change is needed at the club.
PSG chairman Nasser Al-Khelaifi believes Wenger can improve on what has been a disappointing season under Emery.
The 67-year-old feels he still has at least three years left in management.