Arsene Wenger is set to stay at Arsenal and will sign a two-year contract at the club
The 67-year-old's new deal has been approved after Wenger and majority shareholder Stan Kroenke held a private meeting in a secret location on Monday, and the details of the Frenchman's contract were confirmed 24 hours later in a boardroom meeting.
A formal announcement is likely to follow on Wednesday. The structure of the club is set to remain the same under Wenger's management ahead of the 2017-18 campaign.
The Frenchman's future was shrouded in uncertainty ahead of last weekend's FA Cup final against Chelsea.
Arsenal emerged victorious, despite being underdogs against the newly-crowned Premier League champions, and the club are now poised to confirm Wenger's stay at the club.
Wenger has come under increased pressure from supporters this season as the Gunners slipped to a fifth-placed finish in the Premier League that saw them miss out on qualification for the Champions League for the first time since Wenger took charge in 1996.
Though winning the FA Cup has placated some fans, there is still concern over how playing in the Europa League could affect both the current squad and the potential for new signings.
Mesut Ozil and Alexis Sanchez are still to agree new contracts in north London, with Manchester City confident they can lure the latter to the Etihad Stadium after talks were held over the weekend.