The 64-year-old's current deal expires at the end of the season, and talks have been going on for some time to tie up the long-term future of the French coach.
Wenger was again pressed on those contract negotiations ahead of the weekend's visit of Fulham, and whether there was any timeframe at which a firm conclusion had to be reached one way or another.
"There is always a point where you have to decide, of course," Wenger said. "There is a point where you have to decide and there is a point where you have to make your decision public."
Arsenal are also looking to secure new deals for full-back Bacary Sagna - out of contract in the summer - and defender Per Mertesacker.
"We are making good progress and, hopefully,w we can announce something soon," Wenger said.