The Daily Mail says the Frenchman is understood to be hurt by the manner in which his reign ended and reverses particular frustration for the club's board.
They are however hopeful that he will return to north London despite those close to him insisting he wouldn't go back, even to watch a game.
But one of the club's leading lights, chief executive Vinai Venkatesham, visited Wenger recently to maintain that he is always welcome.
Next year there are expectations that a significant tribute to the 71-year-old will be unveiled.
But insiders have revealed that there is still a bitterness between the Frenchman and his former club.
An Arsenal employee said: "He'll never go back. That's how badly let down he feels he was by the board."