Players are fickle. At the moment Arsenal is a Champions League side but not a TOP one. (simply because we haven't been winning trophies) We need big names (players and managers) in order to attract top players. Wenger's name still carries a lot of weight.
Hang on to Wenger until Perez gets rid of Zidane (when Real bow out of the CL is the real pressure point for their manager. So maybe another 18 months)
I'm an Arsenal fan but i like to watch Milan too, and few years ago when Allegri won the Scudetto with them i liked what i saw but my first choice for Arsene's replacement would be Carlo Ancelotti coz i like the style of football he brings. Chelsea looked awesome when he was their manager a couple of years ago. Tbh any manager that brings back desire to this club is a welcome sight, coz with Wenger it's been like a warn, old tyre.