Arsene Wenger will commit his future to Arsenal after the Frenchman agreed to sign a two-year extension at the Emirates.

The 67-year-old's contract was set to expire in the summer. There were concerns over his future at the club following a fifth place finish in the league in the 2016/17 season.

This is the first time they have finished outside the top four since the Frenchman joined the club in 1996. Arsenal finished 18 points behind champions Chelsea.

However, the Gunners ended the season on a high after defeating Chelsea to win the FA Cup and that has made both Wenger and Arsenal as the most successful manager and the club in the competition's history.

According to The Times, the north London club's manager has agreed a contract extension with Arsenal and it will be made official on Wednesday. The new deal will see Wenger earn around £8m-a-year ($10.2m per year) at Arsenal.

With the Gunners securing the manager's future, they will have to act quickly in order to sort out the futures of Alexis Sanchez and Mesut Ozil. The star duo's current deal will expire at the end of the next season.

The Chilean international and the World Cup winner with Germany have not committed their future to their current employers, with Sanchez earlier confirming that he will decide his future after the end of the season.

Arsenal are ready to break their wage structure and are willing to hand both Sanchez and Ozil £280,000-a-week ($358,904 per week). However, the duo have decided against signing a new deal. With Arsenal set to play in the Europa League after finishing fifth, lack of Champions League football has been another major reason in their decision to leave the capital club.

The same report claims that Sanchez and Ozil wants to leave Arsenal in the summer transfer window. The former Barcelona man is attracting interest from Manchester City and Bayern Munich and his compatriot Arturo Vidal has already confirmed interest from the Bundesliga winners for his services.

Apart from Guardiola's side and his former club Bayern, Premier League winners Chelsea and Paris Saint-Germain are also in the race for Sanchez's signature. City remain confident that they can sign the South American star, despite strong interest from other clubs.

However, Ozil has failed to attract such sort of an interest as that of Sanchez. The former Real Madrid man is planning to leave Arsenal on a free transfer next summer, if he fails to find a suitable club.

Arsene Wenger-Alexis Sanchez
Arsenal's Arsene Wenger is likely to be without Alexis Sanchez next season Getty