The Frenchman, whose contract will expire at the end of the season, has been at the Gunners helm for 17 years but has not won a trophy with them since their FA Cup victory in 2005.
And though owner Stan Kroenke is keen to tie-up a new deal, Wenger wants to ensure he is the right man to take the club forward before putting pen-to-paper.
“It’s not a question of my loyalty, I want to feel I can do well for this club, it’s as simple as that,” Wenger said.
The North London club currently top both the Premier League and Champions League Group F but Wenger is keen his side focus on the task in hand, starting with their fixture against Borussia Dortmund this evening.
Arsenal are also attempting to push through a new deal for goalkeeper Wojciech Szczesny after his fine start to the season.