The Gunners boss has agreed to a two-year contract extension on the same terms as his current agreement - despite the offer of a substantial raise.
The Gunners manager is set to formally sign a two-year extension that was agreed in principle with club chiefs last October.
It is believed that Wenger, who is the second-best paid manager in the Premier League after Jose Mourinho, felt that he is already well rewarded for his job.
However, the new deal will be supplemented by performance-related bonuses depending upon the team’s success. The Frenchman remains comfortably the top earner at the club, with his £145,000-a-week salary eclipsing that of Mesut Ozil, who earns £130,000 a week.
Wenger, who will take charge of his 1,000th match at the helm when Arsenal travels to title rival Chelsea on Saturday, will extend his reign to a remarkable 20 years if his new deal is honored, by which time he will be 66.
Goal revealed last October that Wenger had agreed a two-year contract extension and his backroom team has also committed to new agreements that will mirror those of the manager and run until 2016.
The key assistants include Wenger's long-standing ally Boro Primorac, assistant manager Steve Bould, first-team coach Neil Banfield, goalkeeper coach Gerry Peyton and fitness coach Tony Colbert.
Senior medical and technical staff have also agreed deals that run until 2016, while more junior members of Wenger's backroom team will remain on 12-month rolling contracts.
Arsenal has not yet announced the Frenchman's new deal and those of his backroom staff, but it is understood that the agreements are all in place and only need to be formally rubber-stamped.
Wenger retained the full backing of American owner Stan Kroenke and the rest of the board even when he came under more pressure last season from disgruntled supporters than at any point in his Arsenal career.
The Frenchman's position has been strengthened further by his team's fine record in 2013-14, with Arsenal still in contention to win the Premier League title and a strong favorites to lift the FA Cup and end the club's nine-year trophy drought.