The Frenchman departs a year before his latest contract was due to
expire.
The Gunners are sixth in the
league and set to miss out on a top-four spot for the second straight season,
with their hopes of reaching the Champions League resting on winning the Europa
League.
"I am grateful for
having had the privilege to serve the club for so many memorable years,"
said Wenger. "I managed the club with full commitment and integrity.
"To all the Arsenal
lovers, take care of the values of the club."
Arsenal say a successor will
be appointed "as soon as possible".
Arsenal majority shareholder Stan Kroenke described
Friday's announcement as "one of the most difficult days we have ever had
in all our years in sport".
He added: "One of the
main reasons we got involved with Arsenal was because of what Arsene has
brought to the club on and off the pitch.
"His longevity and
consistency over such a sustained period at the highest level of the game will
never be matched."
WENGER
IN THE PREMIER LEAGUE
GAMES 823
WINS 473
LOSSES 151
GOALS
SCORED 1,543
LEAGUE
TITLES 3
The American praised Wenger's "exceptional
record", adding that he "transformed the identity of our club and of
English football with his vision for how the game can be played".
Appointed on 1 October 1996,
he is the Premier League's current longest-serving manager and has taken charge
of a record 823 games.
But some fans have turned on
the Frenchman over the past two seasons as a result of their league
performances.
Sunday's 2-1
defeat at Newcastle was their 11th in the league this
season, equalling their worst tally in a campaign under Wenger.
They are 33 points behind
leaders Manchester City, who have 87 points, and the same number away from
bottom side West Brom, who have 21.
Arsenal finished outside the
top four last term for the first time since Wenger arrived at the club, and are
now 14 points behind fourth-placed Tottenham, with five matches remaining.
They face Spanish side
Atletico Madrid, who are second in La Liga, in the Europa League semi-finals,
with the first leg on Thursday.
Wenger's ups and downs
Wenger won three Premier League
titles and four FA Cups in his first nine seasons in charge.
In 2003-04, he became the first
manager since 1888-89 to lead a team through an English top-flight season
unbeaten.
But after winning the 2005 FA Cup,
they waited another nine years - or 3,283 days - for their next silverware. It
came as they beat Hull City to win the 2014 FA Cup, before winning the trophy
again the following season.
Wenger won his seventh FA Cup last
season, beating Chelsea 2-1 at Wembley, but finished 18 points behind Antonio
Conte's Premier League champions.
His side have struggled in Europe
since losing to Barcelona in 2006 Champions League final.
They were eliminated at the last-16
stage for the seventh successive season on their last appearance in the
competition in 2017, losing 10-2 on aggregate to Bayern Munich.
In 2006, they moved into the £390m
Emirates Stadium after leaving Highbury.
The Gunners have consistently spent
less than their main Premier League rivals on new signings, but Wenger twice
broke the club's transfer record this season.
France striker Alexandre Lacazette
joined in the summer for £46.5m, while his final signing was Gabon striker
Pierre-Emerick Aubameyang for £56m in January.
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