The News of the World says Wenger has threatened to quit Arsenal if Russian oligarch Alisher Usmanov wins the battle to seize control of the club.
Wenger has made it plain to the Gunners board he will not work under Usmanov and would move to Real Madrid instead.
And that is one of the reasons behind Stan Kroenke's stealthy takeover at the Emirates. The American billionaire has taken his stake in the club to just less than the 30 per cent needed to spark a takeover bid, leaving Usmanov puzzled at his motives.
An Arsenal insider said: "If somehow Usmanov managed to take control then Arsene, who is otherwise utterly loyal to the club, would quit.
"He doesn't want any owner interfering with the way he is developing the team. He has long been resistant to bringing big money signings in.
"He has a plan and everyone is seeing it come to fruition. That's not to say along the way he won't bring in some players but he will only do so on his terms. Arsene has made the board very aware of that and that he couldn't work with an owner who insists on spending big money on new players.
"As it stands Arsene is happy working with Kroenke on the board because he has shown no interest in interfering. The same can't be said for Usmanov."