The Frenchman signed a two-year extension in the summer to extend his 21-year reign at the club.
But, speaking on Thursday at the club's annual general meeting, he suggested that talks would take place when this campaign concludes - something he confirmed in a news conference.
"I want to see what the board thinks of my performance," Wenger said.
"After that we decide where we go from there. My desire has always been to respect my contracts, but that is what I meant."
On Thursday, Wenger told shareholders that the current side has "something special" and he believes there is "a chance" of success this term.
"My hunger, my commitment is bigger than ever," he said. "I question myself a lot, don't worry; I will sit down every year to see where I go.
"The present for me is about style of play, winning trophies, winning every game. Don't think I don't know. It's essential.
"No matter what happens one day I will always love this club forever and be an eternal fan."