The Mail Online quoted Gazidis saying on Monday: "Arsene will be extending with us and at the right time we will make that announcement."
John Cross of the Mirror adds:
It is a massive boost for the North London club, who have also announced and signed a new £150 million five-year kit deal with Puma, per The Telegraph.
The massive new deal will allow Wenger the spending power he needs to continue the trend of purchasing players of the quality of Mesut Ozil, if he so desires.
Wenger's extension will come as a relief to Arsenal fans, with the legendary manager having taken his team back to the forefront of Premier League contention this season.
Before the current campaign, many of the club's supporters had voiced their concerns about the Frenchman's tenure, debating whether it was now time for change after nine seasons without a trophy. However, that tune has now changed, with significant investment expected in the squad. Arsenal look like genuine title contenders, and Wenger's philosophy is pumping through the club once more.
As Manchester United say goodbye to one era with the retirement of Sir Alex Ferguson, Arsenal alternatively can build on everything that Wenger has implemented over the years, with the club now able to equip him with money to aid his plight.
Losing Wenger could well have produced a spiraling effect, as it has done at Old Trafford, and forced Arsenal into an uncomfortable scenario. However, they do not need to worry about this now.
Securing Wenger will give Arsenal their best chance of success for many years. With only months to go until the end of the season, the Gunners can now concentrate on footballing matters, and not worry if their manager will be around for the immediate future.
Arsenal have created an amazing 250 chances this season, scoring 43 times in the Premier League, per Squawka.
2014 could well be the year that Wenger and Arsenal return to the summit of English football.