Arsenal chairman Sir Chips Keswick is considering resigning from the board over Unai Emery's continued employment at the club, according to reports.
The Gunners drew 2-2 against struggling Southampton on Saturday, a result which leaves them seventh and eight points outside the top four.
Emery's side have not won a Premier League match since beating Bournemouth at the start of October, and the Arsenal head coach is now under immense pressure.
Speaking after the game, the Spaniard said: "Good evening, we are disappointed, we are frustrated and I understand the supporters.
"We did deserve more today. We lost a very good opportunity to connect with our supporters, they helped us but really we know here (Emirates Stadium) is the key. To feel comfortable and strong here to take confidence but we didn't do that.
"The first-half, we were drawing but how we were playing wasn't enough. We started the second-half better, we changed and I think it was the best 20 minutes of the whole season.
"We created chances, we didn't score but I was happy in that moment because I wanted to look at our players. Then, they scored we were better maybe and we took some risks after that to draw but we conceded more chances.
"We drew in the last minute but that's not enough. Really, we and the fans can be disappointed and angry because of the result."
Arsenal fans audibly made their feelings clear during the game, and chanted for Emery to be sacked.
And according to The Athletic , Keswick, who has been Arsenal chairman since taking over from Peter Hill-Wood in 2013 , is considering handing in his resignation because he feels he has been frozen out from the decision-making process over Emery’s future and does not want to be blamed for the current malaise at the club.
Head of football Raul Sanllehi and Edu are currently responsible for Arsenal’s key decisions, including whether to sack Emery, but the Gunners head coach was given a vote of confidence before the international break.
After the 2-0 defeat to Leicester, Sanllehi and managing director Vinai Venkatesham told club staff in a meeting: "We are as disappointed as everyone else with both our results and performances at this stage of the season.
"We share the frustration with our fans, Unai, players and all our staff as they are not at the level we want or expect. Things need to improve to meet our objectives for the season, and we firmly believe Unai is the right man for the job, together with the backroom team we have in place."
Sanllehi and Venkatesham added: "We are all working intensively behind the scenes to turn things around and are confident we will.
"We never take our fantastic support for granted. We hope we can all stick together and get behind the team in this challenging period, as together we are stronger."
