"I have been entrusted with complete freedom to implement and execute my plans on what will make the team successful," said Wenger, who has secured three Premier League titles and four FA Cup triumphs as well as reaching the final of the Champions League in 2006.
"That means I have a responsibility to the fans to deliver silverware and also a responsibility to the players to help turn our potential into prizes.
"That is one of the reasons, as well, that I wanted to get a taste of how hungry this team is first before I definitely go for it."
"My heart is tied to this football club, so signing a new deal was always my intention. Arsenal is the club of my life.
"I feel I share the ambition with everybody to make Arsenal the best club in the world and that everybody works to be successful in that."
Wenger added in an interview with Arsenal TV Online: "I feel the first season was difficult at the Emirates - but from January onwards we felt really at home, and now you can see that there is no adaptation problem anymore.
"I feel that really we can push this club even higher now."