Arsenal chairman Sir Chips Keswick has confirmed a 'mutual' decision will be made on Arsene Wenger's future.
The Frenchman remains under-pressure after another Champions League exit at the last-16 stage.
Arsenal were thrashed 5-1 by Bayern Munich on Tuesday night, sealing a 10-2 aggregate defeat.
Ahead of the clash, Arsenal fans staged a protest against Wenger with fans calling on their manager to walk away.
Wenger is out of contract in the summer and is yet to decide if he will stay on.
Speaking in his pre-match press conference, Wenger admitted protests could play a part in his decision.
"I have work very hard for 20 years to make our fans happy," he said.
"But I have said many times you have to accept many different opinions."
Wenger also insisted his incredible history at Arsenal will not be tarnished by the club's recent turmoil, nor the protests centered on his future.
"I don’t work for my image. I work for this club," he said.
"After how I will be judged, is not my problem.
"I have shown since I have been here that I love this club and I am loyal to this club. I have made the best decision for this club and I will continue to do that."
And here are the seven men who will decide whether Wenger will leave the Emirates or no
Stan Kroenke – Director
Kroenke has a 67.05% majority stake in the club but he is rarely seen at Arsenal games
If the board are to make a major decision once the season comes to an end, then it will be the American, who is a huge fan of Wenger, who has the final say.
The 69-year-old made his money as a real-estate developer and his empire includes NFL side Los Angeles Rams, MLS side Colorado Rapids and NBA team Denver Nuggets.
However, Kroenke does not possess a working knowledge of world football so will therefore not have an ideal successor in mind.
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