Wenger is furious with the exit of his close friend and Gunners vice-chairman David Dein.
The Frenchman has told the Arsenal board that he will not walk out on his current deal which will expire in just one year.
If Wenger decides to leave the Gunners, skipper Thierry Henry, William Gallas, Cesc Fabregas, Gael Clichy and Emmanuel Adebayor could also go.