Arsenal chairman Chips Keswick says the club's senior figures "understand the debate" regarding Arsene Wenger's future as manager but will only make a decision at an appropriate time.
Wenger is under extreme pressure at the Emirates Stadium, with his contract due to expire at the end of the season and the Gunners having crashed out of the Champions League to Bayern Munich in a 10-2 aggregate defeat this week.
Keswick knows a decision needs to be taken on the 67-year-old but stressed Arsenal's focus is on the long-term and insisted any call will be discussed mutually.
"We are fully aware of the attention currently focused on the club and understand the debate," he said in a statement on Arsenal's website.
"We respect that fans are entitled to their different individual opinions but we will always run this great football club with its best long-term interests at heart.
"Arsene has a contract until the end of the season. Any decisions will be made by us mutually and communicated at the right time in the right way."
Wenger said earlier on Thursday that he would take fans' opinions into account before deciding whether to extend his deal.
The manager has been in charge of the Gunners since 1996.