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."