It might be if the FA matches his wages from the arsenal. Having said that he doesn't need the money, but would he take the job on for personal satisfaction? I don't think he can do anything more at Arsenal now.
I'd be over the moon with Wenger. He's remarkably loyal to Arsenal though so I'm not sure if he'll give up his last year with them. I don't think money is a factor in this for either side, his or the FA.
I would be happy with Wenger too, i just hope he doesn't go with the "safe" option and stay at Arsenal. It has to be a tempting offer to manage a national team like England that hasn't won anything of note in 50 years. The potential is definitely there, but would he take the job if offered?