Arsenal finished outside the top four for the first time during Wenger's reign this year, but won the FA Cup
Arsene Wenger will remain in charge of Arsenal after signing a two-year contract extension with the club.
It was widely expected that the Frenchman would stay on after reports emerged on Tuesday that he had agreed a deal after guiding Arsenal to victory in the FA Cup on Saturday.
Their victory at Wembley constituted a record 13th FA Cup win for the club and a seventh for Wenger. It was also their third in victory in the competition in the last four years.
"I love this club and I am looking forward to the future with optimism and excitement," Wenger said in a statement.
"We are looking at what we do well and how we can be stronger everywhere. This is a strong group of players and with some additions we can be even more successful. We’re committed to mounting a sustained league challenge and that will be our focus this summer and next season.
He added: "I am grateful to have the support of the board and Stan [Kroenke, majority owner] in doing everything we can to win more trophies. It’s what we all want and I know it’s what our fans around the world demand."
Not Bad: Arsene Wenger lifts a record seventh FA Cup last weekend at Wembley and has signed a contract extension which will keep him at the club until 2019. Image: NurPhoto/SIPA USA/PA Images
Calls for Wenger to leave his position intensified this year after disappointing performances in the Champions League which culminated in a 10-2 aggregate defeat to Bayern Munich in the Round of 16.
The team also failed to challenge for the title, finishing outside the top four for the first time in Wenger's 21-year reign with Arsenal. They will compete in Europe's second tier club competition next year, the Europa League.
"Our ambition is to win the Premier League and other major trophies in Europe," Kroenke said.
"It’s what the fans, players, staff, manager and board expect and we won’t rest until that is achieved. Arsène is the best person to help us make that happen. He has a fantastic track record and has our full backing."
The club say that Wenger and chief executive Ivan Gazidis conducted "a full review of our on and off the pitch activities to identify areas for improvement to build a sustained title challenge."