"You do not make this kind of decision focussing on one result or two bad results," the 67-year-old told British media.
"You have to take a bigger picture and see if you can you take this club to the next level, take yourself to the next level. Are you ready to pay the price for that?
"But as well this decision is not necessarily linked with two weeks out of 20 years you know so that's basically... I don't feel I box myself in a corner."
Wenger, who has been in the job since 1996, reiterated his stance that he needed to see how his fifth-placed side finished the current season before making up his mind.
"I haven't come to a decision yet. I'll wait a bit and see how the season finishes here," he added.
"I've been here for 20 years and think I've built the club up. It's important for me that we're always successful and that's why I've given myself a bit of time."
Following their midweek European clash against Bayern, Arsenal will shift focus to FA Cup quarter-final against fifth-tier Lincoln City on Saturday.
(Reporting by Hardik Vyas in Bengaluru)
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