Confirming the news, Wenger said that he has come into the decision after proper consideration, adding that he believes it's the right time to leave the Emirates Stadium at the season's end.
"I am grateful for having had the privilege to serve the club for so many memorable years. I managed the club with full commitment and integrity," CNN quoted Wenger, as saying.
"I want to thank the staff, the players, the Directors and the fans who make this club so special. I urge our fans to stand behind the team to finish on a high. To all the Arsenal lovers take care of the values of the club. My love and support for ever," the Portuguese manager added.
It should be noted that the 68-year-old has another year left on his deal, but he has decided to leave the club which he joined way back in 1996 at the end of the current campaign.
Wenger, who is the longest serving manager in the English Premier League, had led Arsenal to three league title in 1998, 2002, and 2004, besides also guiding them to seven FA Cups, including three of the past four seasons.