In a The Times exclusive today, Arsene Wenger has been offered a staggering £24 million contract to extend his managerial career at Arsenal for another 3 years.

At £8 million per year, Wenger will become the second highest paid manager in the Premier League, after Jose Mourinho, and if he decides to sign, will take his service at the club to an incredible 21 years.

There is no doubt that Wenger is a club legend. He not only revolutionised the club, he changed the Premier League for the better. He may have his critics, but there is no doubting Wenger’s importance to English football.

However, without a major trophy since 2005, Arsenal has struggled to keep up with Manchester United, Chelsea, and more recently, Manchester City. Luckily, as a consolation, Arsenal has continued their impressive record for qualifying for the Champions League to the dismay of Tottenham.

This season we are witnessing a new Arsenal. Wenger has declared this is his best squad since the Invincibles and many of the players believe this season is the season to end the drought.

The purchase of Mesut Ozil has been an inspiration and Arsenal is currently sitting at the top of the table. But, despite this season’s positives, is now the right time for a new contract for Wenger?

There is no harm in waiting until the end of the season

It is believed that Wenger may sign the new deal in January. But what’s the rush? Wenger has been questioned numerous times in press conferences over his future and he reassured people that he is fully committed to the club.

Without actually saying it, Wenger has said that he wants to wait until the end of the season to see if Arsenal finally lifts a long-awaited trophy.

"I can just reiterate what I said at the start of the season - I want to feel that I do well, and focus on that…I have been here for 17 years, and I just want to make sure that I deliver to this club what the club is expecting," Wenger said.

Wise words from a wise man, I would say. Wenger has a list of achievements as long as my leg and is already the most successful manager in Arsenal’s long history.

I love Wenger. The players love Wenger. But love isn’t enough, I’m afraid. I feel the club should wait until the end of the season and assess where Arsenal have come.

Arsenal could potentially win the treble and be deemed as the best team in Europe, or finish with the familiar feeling of emptiness and failure. Of course the board won’t sack Wenger, but if the manager feels himself that he hasn’t done enough, he will walk.

I hope it does not come to that. I want nothing else to see Wenger with a huge grin on his face holding the Premier League trophy. And this season it could very well happen, despite what the Match of the Day pundits say.

With cash reserves over £150 million Arsenal have plenty of money to spend on new players. If Arsenal want to push on and secure a trophy this season they will need to spend some of that in January.

In the last few weeks Arsenal has been linked with a number of players, most of those being strikers. Everybody is well aware of the striker situation and I was glad to see Giroud rested for the Hull game because we are going to need his A-game this month.

If Arsenal is able to sign players of the same calibre as Ozil and still maintain a good financial basis for the club, then the next few seasons should be filled with success, and if there is anybody that deserves success, it is Wenger.

Wenger suffered year after year with top players leaving. This season is the first season in a long time that Wenger hasn’t had to endure that pain and it has noticeably helped the club become the league leaders.

Our season?

This season could well be the season. In a recent interview, Theo Walcott was quoted saying, “the vibe we have got in this team at the moment is probably the best it has ever been since I have been here.

“The players have got stronger and it is probably the best squad, too. The manager always says that to us, and that belief has come onto the players. I hope this year could be it.”

However, we have been in this situation before. In 2008, the club were looking strong and many were saying this was the year, but then after Eduardo’s horrific leg break the club’s performances dropped and ended trophyless.

Waiting until the end of the season is sensible. Wenger is fully committed to Arsenal. He had multiple opportunities to leave to manage clubs like Real Madrid and Barcelona, but he decided to stay in North London.

Since 2005, Arsenal has lost 3 cup finals, including a Champions League final. Arsenal will have to stay committed, focused, fit and a little lucky if they want to do something that no other player in the Arsenal squad has done – win the Premier League.

Latest: