The Frenchman had lifted the FA Cup in three of the previous four seasons but that was not enough to appease some supporters and Wenger revealed his decision to step down at the end of the season.
He said: “After careful consideration and following discussions with the club, I feel it is the right time for me to step down at the end of the season.
“I am grateful for having had the privilege to serve the club for so many memorable years.
“I managed the club with full commitment and integrity.
“I want to thank the staff, the players, the directors and the fans who make this club so special.
“I urge our fans to stand behind the team to finish on a high. To all the Arsenal lovers, take care of the values of the club.
“My love and support for ever.”
Wenger won three Premier League titles, the last of which came as a result of the unbeaten ‘Invincibles’ season in 2003/04, while he holds the record for the most FA Cup victories as a manager with seven.
Wenger received a standing ovation before his final home game – a 5-0 win against Burnley – while his last match in charge was a 1-0 victory away to Huddersfield.
The Frenchman is currently FIFA’s chief of global football development.