I know a number of Arsenal fans who are currently hiding behind the 'better the devil you know' argument. And to be honest, it does carry some weight. Look at United since Fergie. I'd say your squad is in better shape than the one he left behind, but your spending power and level attraction is microscopic compared to theirs.
I can only see 2 ways out of the catch 22:
A) (my personal choice

) Finish 5th this season and this essentially forces the board's hands. It is no longer sufficient to argue about knowing the devil if there is every possibility that you will be permanently usurped from the top 4 under his continued leadership.
B) Wenger selects his own successor. Similar to Fergie handing over the reins to Moyes, I think Wenger moving upstairs while publicly backing a successor will placate his die-hard supporters and they will accept the decision pretty happily. If the devil you know recommends a mate for the job, sounds fair.
Scenario C, which is Wenger getting the sack and being replaced unilaterally, is highly unlikely anyway. Unless Kroenke and Gazidis grow a pair in the next few months, it ain't happening.