Wenger has been built himself into such a position at Arsenal that many people believe only he can decide when he walks away. But with the Frenchman's contract expiring in June, Gazidis has commented it will be something that has to be discussed and agreed by both parties.
"Arsenal is not Arsene Wenger. They're not one in the same thing," the Emirates chief is quoted as saying by the Daily Mirror.
"He's been clear and we've always been clear, that's a mutual decision as to how long he'll continue. Both need to be on the same page on that. In a football sense, he has transformed the club."
The likes of Gunners legends Thierry Henry and Dennis Bergkamp, ex-Manchester City boss Roberto Mancini and former Paris Saint-Germain coach Laurent Blanc also remain favoured by bookmakers.
If Wenger is to leave it could result in the 66-year-old taking over as England manager. The FA were keen on him before hiring Sam Allardye, while the timing of Gareth Southgate's temporary charge could work with only five England games between now and June.
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