The 63-year-old claims negotiations "went well" with the club's chief executive Ivan Gazidis but admits his future at the Emirates Stadium will be based on his success
Goal reported in June that the 63-year-old has already held preliminary talks with the club's officials regarding an extension to his current deal, which expires in 2014.
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“The talks went well and it’s not a problem. But I will not use my longevity as an advantage to stay in this position if I don’t do well," Wenger told reporters.
“My future will depend on how well I do. I don’t just assume I will always be here.
“I’ve always shown my loyalty to this club and I don’t need to prove anything on that. But I want to do well for Arsenal so this is an important season for me.”
Wenger also played down reports which claimed he was keen on a move to Paris Saint-Germain this summer, before the French champions appointed Laurent Blanc as their successor to Carlo Ancelotti.
“People are always linking me with PSG because I am French and I know the owners," he said.
“But if I wanted to go to PSG I would be there already. I’m not because my heart is with Arsenal and they are always my priority."
Wenger also urged fans to remain calm over transfers with Gonzalo Higuain, Wayne Rooney and Luis Suarez all linked with the club.
"They are all realistic targets quality-wise, [although] not all of them are available to join us," he said.
"All of those players are under contract and it is the club that decides if they can go and, after, if they can join us.
"The fans, the players, everybody is reassured by big names always. But what is important is that we don't need numbers, we need quality."