I think we need to give Wenger another year as a minimum, we're not a club that is set up at the moment to handle such a monumental change. We're not like Liverpool, Chelsea, United, etc - we just don't have the same board level infrastructure that they have. We do not have a director of football, all of our board members are businessmen primarily, with a couple of "football men" both of whom are older than Arsene I believe. With Arsene doing much more than most managers will be accustomed to, I don't think we can make the transition to a new manager until we've set the club up in a way to allow them to be a success. In my mind this means we have to give Wenger another year, and the agreement is that at the end of the year, we will transition to a new manager, no more extensions on the table.
The biggest problem we have is to identify a suitable replacement - I honestly don't know who it should be. I struggle to think of a manager that would be interested in the role, would be available and would suit the club. If only Klopp had never gone to Liverpool.