Let's say for arguments sake that you win the EL under Wengers management. I know it's unlikely but still possible. Does that save his job?
If Wenger and the board do intend him to go at the end of the season though, then I can't understand why they don't just come out and announce that Wenger is stepping down at the end of the year.
I'm sure if they did announce he was leaving, the fans would get behind him and the team, and he'd get a good send off.
If they just let it go on as it is, and then he just leaves at the end of the year, or is sacked. Then its going to be a very hostile atmosphere for the team to play in, and Wenger will be getting booed in his final games as Arsenal boss.
For all the years he's been Arsenal manager, surely he wouldn't want it to end like that.