Gunners chief executive Ivan Gazidis has indicated the club are ready to offer the long-serving Frenchman fresh terms before his current deal expires in 2014. But the 62-year-old will not rush into discussing his future as he focuses on the team's performance.
He said: "I have two years to go. What is important for me is Southampton and I think I have shown my commitment to this club in the past. At the moment I am not in the mood to think about the long-term future. We want to do well this season, that's all."
He continued: "I am an Arsenal man. I think I have always shown that. I have to consider if I do well or not.
"If I don't do well, I have to consider my future.
"I have been at the club long enough to have confidence in the people I work with, but I will assess my own performances and then make a decision, at the moment we are not there.
"Two years is a long time in my job. I just want to do well for the club as long as I can and accept all the rest.
"I have to consider that, at my age, you always have to assess if you have the fitness, the desire, the commitment that this job demands.
"Then of course you have to make your decisions. I hope I will be lucid enough and intelligent enough to assess my performance well."
Wenger remains hopeful Bacary Sagna will extend his stay at the club - but warned any employee must always "defend the company he works for".
The France defender is currently close to a return from a broken leg suffered at the end of last season.
Sagna recently voiced his concerns in a French newspaper interview following the sales of captain Robin van Persie and midfielder Alex Song, as well as the desire to secure trophies like former team-mates Gael Clichy and Samir Nasri have done since moves to Manchester City.
The 29-year-old, signed from Auxerre in 2008, also revealed, despite heading towards the final season of his current deal in 2013, discussions had not yet started on an extension.
While Wenger is not overly concerned over Sagna's situation, the Gunners boss issued a stern statement to any player unhappy with life at Emirates Stadium.
He said: "I had a chat with Sagna about it. I think he loves the club and will stay here. I believe any player or any employee always had to defend the company he works for - and if he is not completely happy with it then he has to go somewhere else. That is basically what I think, and that is what I say to everybody."