6 Months to Go: Will Arsene Wenger Sign a New Contract with Arsenal or Not?

The January transfer window may be about to open, but the talk at Arsenal is not about new arrivals. Instead, discussion focuses on who at the club will be extending their contract.

While the focus has understandably been on star players—notably Alexis Sanchez and Mesut Ozil—the position of the team's manager is in more immediate doubt. Alexis and Ozil have deals until 2018, whereas Arsene Wenger has little over six months to run on his present contract.

Earlier this season, Wenger marked 20 years at Arsenal. The only thing more remarkable than the length of his tenure is the incredible legacy he will leave behind. However, at 67 years old, he knows he is in the latter part of his reign. The question now is whether he will sign another new contract, or call it a day in 2017.

Right now, Wenger does not seem in a hurry to make a decision. Per FourFourTwo, the Gunners boss said:

"

I always said that I will judge where I stand in spring and make my decisions then. 

The club is free as well. It's not because I am here a long time that I have any rights.

We are both on the same boat.

There are plenty of managers who arrived at the end of their contract. It happened to me before. I signed sometimes in March, April for longer contracts. So I don't think it's a problem.

"

Wenger may be downplaying the situation, but his position is almost unique in world football. After all, few managers have the autonomy to decide for themselves whether they wish to continue. Arsenal's chief executive, Ivan Gazidis, seems to possess neither the desire nor the authority to determine who will be the manager for 2017/18.

Realistically, if Wenger wants the job, it's his. The Gunners boss occasionally alludes to considering the opinion of the supporters, but it's just lip service: The decision is his.

He may feel he deserves to stay on and enjoy the club's newfound financial muscle.

When Arsenal moved from Highbury to the Emirates Stadium in 2006, they incurred significant short-term debts that hampered his ability to bring in top players. He was effectively forced to develop young talent, selling them off when they reached optimum value. In this period, Wenger performed miracles on a shoestring budget, consistently helping a threadbare Arsenal squad to qualify for the Champions League.

They are a different club now.

The revenue from the new stadium is supported by huge new commercial deals—Arsenal are a financial superpower. Last summer, the Gunners spent close to £90 million on transfers, including £35 million apiece on Shkodran Mustafi and Granit Xhaka. That level of expenditure is unprecedented at the north London club, and Wenger may believe he has earned the right to enjoy using the fortunes he helped the club amass.

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The addition of the likes of Mustafi and Xhaka has seemingly brought about a change in the team. They may have lost their last two games, but up until that point in the season, there had been a resilience about this Arsenal side that has been absent in recent years. The last three seasons have seen Wenger win two FA Cups and finish fourth, third and then second in the Premier League.

Having waited so long for his team to be competitive again, Wenger will surely find it impossible to walk away just when it looks as if Arsenal are getting close to the summit of English football once again.

After all, Wenger still has unfinished business at Arsenal. He guided them through a period of great uncertainty, but he is a competitor first, custodian second. He derives satisfaction from his careful management of the club, but the desire to win things never fades.

His crowning glory would be to restore Arsenal to the level they were at in 2004. A fourth Premier League title would cement his position as a living legend and banish any painful memories of the lean years. He'll also still hold out hope of winning the Champions League—a competition in which he has never tasted success.

Curiously, success could also be what pushes him to leave Arsenal. It might seem improbable just now, but if Wenger could somehow lead the Gunners to triumph in either domestic or European competition this season, he'd seize the opportunity to walk away from the club on a high. It would be the perfect end to his time at the helm.

That's the ideal scenario for most Arsenal fans, who would love to give Wenger a glorious send-off. Nobody wants the greatest manager in the club's history to suffer the ignominy of seeing his reign fizzle out.

However, if Arsenal's season disintegrates, it's possible Wenger will bow to calls for change at the club. Last season saw a series of protests from a disgruntled minority of supporters—if the Gunners' challenge crumbles again, those calls will grow louder.

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Another factor in Wenger's decision could be the fate of Ozil and Alexis. The Frenchman seems to be in the process of building a new team around the marquee duo. However, if they refuse to sign new deals and look for pastures new, the manager may call time on his latest project.

It is too late in his managerial career for him to rip up the blueprint and build another team. If this latest iteration of Wenger's Arsenal begins to break up, it may lead him to consider his position.

It's almost impossible to call, especially as Wenger may not yet know which path he will take. However, he is not behaving like a manager who is planning on leaving anytime soon.

The decision to loan Jack Wilshere to Bournemouth, for example, is one that could have a long-term benefit for the club. However, a manager who knew he was facing his final shot at a Premier League title would be loath to let an important squad member leave without a fee.

After their recent downturn in form, it would be a surprise to see Arsenal win the Premier League. If they manage that feat, Wenger will likely bow out. He would know he’d be unlikely to surpass that achievement and would be free to step aside knowing he had restored the club to their former glory. 

If it doesn't happen this season, that's a scenario he will keep on chasing. If Arsenal don't finish the season on top, the likelihood is he will stay on for another crack at it. Remarkably, Wenger does not look ready to quit. 

James McNicholas is Bleacher Report's lead Arsenal correspondent and will be following the club from a London base throughout 2016/17. Follow him on Twitter here.