The Frenchman was the man who led Arsenal to the Premier League title in 1997/98, 2001/02 and 2003/04, with the final one of those wins bringing about the invincibles season.
However, after an inconsistent few years at the club, Wenger was replaced with Unai Emery at the Emirates Stadium, with Mikel Arteta taking over from the former Paris Saint-Germain man just 18-months later.
But could Arteta play a role in bringing his old manager back to the club where he has spent the majority of his managerial career?
Here is the latest on the former manager's future.
Arsenal return
According to the Mirror, Arsenal are keen on the former manager returning to the Emirates Stadium, with an approach already said to have been made to the Frenchman.
Senior figures at the club are said to be looking to bring Wenger back to the club in order to garner the support of Arsenal fans, with them believing it will help to unify the fan base as Mikel Arteta works to turn the team's season around.
The report claims that Arsenal are 'making inroads' in talks with the former manager.
His current role
Back in Novemeber, Wenger was appointed as Fifa's new chief of global football development. His role sees him be responsible for developing both men's and women's football as well as technical aspects of the sport.
Wenger is also a member of the technical panel of the International Football Association Board, and chairman of Fifa's technical study group.
"I very much look forward to taking on this extremely important challenge, not only because I have always been interested in analysing football from a broader perspective but also because FIFA’s mission as world football’s governing body is truly global," Wenger told the FIFA website upon his appointment.
"I believe that the new FIFA we have seen emerging in recent years has the sport itself at the very heart of its objectives and is determined to develop the game in its many different components.
"I know I can contribute to this objective and will put all my energy into this."
If he will have to give up this role should he return to Arsenal is still to be seen.
What Wenger has said
Speaking earlier in the season, Wenger revealed his stance on a possible return to Arsenal in the future.
"I have been in touch with some people at the club but I felt when you go like that you cannot be half in, half out," he told told beIN Sports.
"You let people who come in work their way. And I wanted to take a complete distance.
"It's still a bit early, maybe, to go back. I haven't been back at the club."
Rennes interest
French club Rennes are targeting Wenger as their new president after sacking Olivier Letang, according to L'Equipe (Via Get French Football News).
The report claims that Wenger would be interested in the role and is ready to at the very least listen to a proposal from the club.
Wenger promised total control
Reenes are stepping up their interest in Wenger, according to ESPN by offering the former Arsenal manager both the role of the president and the sporting director of the club.
The report claims that Wenger has met the club's owners a few times in the past, with the Pinault family said to be ready to make an approach to the Frenchman as soon as this weekend.
