Arsenal have opened talks with Arsene Wenger to extend his contract. The Gunners boss is out of contract at the end of the 2013/14 season and although has made no explicit comment about his future, has been linked with a move to Ligue 1 champions Paris St Germain.

Arsene Wenger

However, believes the Premier League club are eager to tie their 63-year-old manager to a new long-term contract. The Emirates side has only just appointed Sir Chips Keswick as its new chairman, following Peter Hill-Wood's resignation due to health problems.

Sources told the website that negotiations have already begun with Wenger, who will sign a two-year extension, meaning he will commit to the north London side till 2016.

It is believed that despite a problematic 2012/13 campaign, which saw them extend their trophy-less run to eight years, a majority of the club's administrators retain faith in Wenger. Chief executive Ivan Gazidis has repeatedly stated he will back his manager, most recently when confirming an escalation of "financial firepower" for the club.

"We think we have got a fantastic manager. We hope that he wants to do what he is doing for the long term. I believe he does. We have got a lot of confidence in Arsene that he is the right person to take the club forward and I think he will want to do that," Gazidis stressed last week, amid fresh rumours PSG would approach Wenger.

The French champions are looking for a top-name manager given that their present boss, Carlo Ancelotti has been strongly linked with the vacant post at Real Madrid.

Wenger is expected to have £70m in summer transfer funds available to strengthen the first team and will be under pressure to spend a significant portion of that amount.

Reports have already linked him to Real Madrid striker Gonzalo Higuain and Everton midfielder Marouane Fellaini, each of whom will cost considerably more than £20m. In fact, Madrid president Florentino Perez has valued the 25-year-old Argentine international in excess of £30m, according to The Sun.