After 22 years as Arsenal manager, Wenger departed the club and was replaced by Unai Emery.
During his extended break from management, Wenger has been the subject of several offers from clubs.
But the 69-year-old has opted to wait for the right moment to return and it appears as though a comeback is imminent.
According to The Times, Wenger has told close friends that he misses “day-to-day involvement” with players and is “itching” to return.
The report claims Wenger will not consider managing another Premier League club out of respect to Arsenal.
It is said the Frenchman has four offers, including a role as director of football at Paris Saint-Germain, a national team job and two approaches from top sides in Europe.
Meanwhile, Emmanuel Petit, who played for Wenger at Arsenal has questioned their decision to part company with him.
Arsenal signed just one player, Denis Suarez, in the January transfer window after Emery admitted they had no money for permanent deals.
And Petit has blasted the club for their failure to support Emery.
“The frustration level must be very high for Emery, as in only his second transfer window as Arsenal manager he was told he cannot sign anybody,” Petit told Independent.ie.
“You look at the money Manchester United, Liverpool and Manchester City spend and, unless you join them and put the cash on the table to compete for the best players, you are going nowhere.
“Tottenham are not spending money but they are in the position Arsenal were in a few years ago – building a stadium – but there is no excuse for Arsenal now.
“If you sack Arsene Wenger and then say to the guy who replaces him ‘you have no money to spend on new players’, I would ask; what was the point of sacking Wenger in the first place?
“Defensively, Arsenal have not been good enough this season, so I was surprised they did not try to sign defenders in January.
“But the problems they have will not be solved by signing a player or two.
“Clearly, the defence is a problem. The better teams are getting through them far too easily, and when I hear Emery say he is happy with his defence and he does not need new players in these positions, I’m pretty sure he does not believe this.”