The Telegraph's Jeremy Wilson reported as much on Tuesday:
Jeremy Wilson @JWTelegraph
Arsene Wenger and Stan Kroenke have reached agreement on 2-yr contract. Due to be ratified by board shortly. Formal announcement tomorrow2017-5-30 11:20:50
Arsenal's board met on Tuesday morning to discuss Wenger's future, with the Frenchman's contract set to expire this summer.
A disappointing campaign for the Gunners saw them miss out on UEFA Champions League football next year by finishing fifth in the Premier League, despite accruing four more points than the total that earned them second place last year.
They were also poor in Europe once again, crashing out 10-2 on aggregate to Bayern Munich in the round of 16.
However, Wenger delivered his seventh FA Cup title—and third in four years—on Saturday, beating Chelsea 2-1. Even with the win, many Arsenal fans will likely be hoping the Frenchman and the club part ways, allowing them to move forward.
There is cause for encouragement if he stays, though, per Wilson and Bleacher Report's Sam Tighe:
Jeremy Wilson @JWTelegraph
From where Arsenal were, to win 9/10 games with a new tactical system - including big games against Man City and Chelsea - is extraordinary2017-5-27 18:39:47
Sam Tighe @stighefootball
In the 3-4-3 shape, Arsenal won 9/10 games played (the loss was to Spurs). Rob Holding played in 8. All 8 of those were won. #AFC2017-5-29 09:33:56
B/R's James McNicholas also hailed the switch to a back three:
The back three completely salvaged our mess of a season. You can't underplay how big a factor it was.2017-5-27 18:29:52
Such a move was something of a surprise from Wenger, who has not been known for his tactical flexibility or willingness to adapt his side's approach to matches—another reason he has drawn criticism for Arsenal's failings in recent years.
If the Gunners boss continues to be prepared to evolve, the team will likely benefit as a result and should become stronger for it, particularly in the key games they've often lost of late.
While the news may not turn out to be what most Arsenal supporters want to hear, his future will at least be determined one way or another, and it will bring an end to the uncertainty that has engulfed the club for months.
Should Wenger stay, the Emirates faithful will be best served by getting behind him and the team for the remainder of his deal—their "Wenger Out" campaign clearly will have had little impact, and voicing their displeasure further will do nothing to help.
For his part, Wenger will need to be prepared to look at the reasons for the criticism he's received and address them as soon as possible, starting with strengthening the squad significantly in the transfer window.