Arsenal chairman Sir Chips Keswick has issued an official statement saying a decision on Arsene Wenger's future "will be made by us mutually and communicated at the right time in the right way."
Wenger is out of contract in the summer and his position is under heavy scrutiny, with fans having marched in protest ahead of the second leg of Arsenal's 10-2 aggregate Champions League defeat to Bayern Munich this week.
"We are fully aware of the attention currently focused on the club and understand the debate," the Arsenal chairman said. "We respect that fans are entitled to their different individual opinions but we will always run this great football club with its best long-term interests at heart.
"Arsene has a contract until the end of the season. Any decisions will be made by us mutually and communicated at the right time in the right way."
- Arsenal FC (@Arsenal) March 9, 2017
Wenger, who took charge in 1996, has previously said he will decide his future in March or April, and he told reporters on Thursday that fans' sentiments will play a role in his future.
"Of course, you consider everything," he said. "It will not be the most important factor but of course, you consider it."
Meanwhile, although FIFA president Gianni Infantino said he was happy not to have make a call one way or the other on Wenger's future he did call the Arsenal manager "a legend."
"Arsene Wenger is an icon of Arsenal. Even his first name is Arsene. It's linked for eternity," Infantino said in London on Thursday.
"I'm very happy I have to deal with many other challenges, but not with managing Arsenal. It will be up to the managers of Arsenal to decide what the future of Arsenal will be.
"But what Arsene Wenger has done in Arsenal throughout history is certainly ... he's a big personality of football. He's one of the football legends."