Wenger's current deal with the Gunners expires next season, and he has held preliminary contract talks with chief executive Ivan Gazidis.
The Frenchman was linked earlier this summer with Paris Saint-Germain, who eventually appointed Laurent Blanc as Carlo Ancelotti's successor.
"I am committed to staying longer at this club. I've already had a chat with Ivan. It went very well, not a problem," Wenger said.
"The link with PSG is there because I'm French and I know the owners. But if that was the case then I would be there already. I'm not at PSG because my heart is with Arsenal."
Meanwhile, Wenger has hinted the club are in a better position to spend some money in the current transfer window.
Manchester United's Wayne Rooney and Liverpool's Luis Suarez have been mentioned as possible attacking targets along with Real Madrid's Gonzalo Higuain.
"They are all realistic targets quality-wise, but not all of them are available to join us," Wenger added.
"We have better financial resources than the years before and it is resources we have created ourselves. That is massively important to us.
"For years we were out of the race for the top-level transfers but we are coming back now because we are in a better financial situation and also because of Financial Fair Play."