LONDON (REUTERS) - Arsenal manager Arsene Wenger has agreed a new two-year contract with the Premier League club, according to British media reports on Tuesday (May 30).

Wenger's future was the subject of intense speculation during the season, with a section of disgruntled fans and pundits calling for the long-serving Frenchman to leave.

A formal announcement from Arsenal confirming that Wenger has decided to stay is expected on Wednesday, the BBC reported.

An Arsenal spokeswoman told Reuters the club was due to issue a statement on Wenger's future, but did not say if the manager had put pen to paper on a fresh deal.

Wenger, 67, has been Arsenal manager for 21 years, winning three Premier league titles and seven FA Cup trophies, but the club could only manage a fifth-place finish this season.

Arsenal will miss out on the lucrative Champions League next term for the first time since Wenger took charge in 1996.

They did end the season with silverware, however, after beating Premier League champions and favourites Chelsea on Saturday to give Wenger his record seventh FA Cup success.