Talks are planned for early January, with the Gunners keen to tie down the once injury plagued star until 2020.
Although there is no rush to reach an agreement, the Londoners want negotiations tied up by the end of the season, and are ready to make Wilshere one of the highest earners at the Emirates Stadium with a salary of £150,000-per-week.
The contract will be further topped up with bonuses, which could boost his earnings significantly.
Wilshere, now 23, is seen as a future Arsenal captain, and the club have been boosted by his fitness record in recent times – much of his early career was spent on the treatment table with troublesome ankle issues.
The player himself has three years remaining on his current deal, but a big pay rise and guarantees about his future may lure him into early discussions.