Ivan Gazidis opened this news conference by reading a pre-prepared speech praising the work of Arsene Wenger.

He's now fielding questions from the media. It's becoming clear there will be no announcement today about a successor.

Ivan Gazidis: "There is a reason why there is so much affection for Arsene. It's because he is a special person.

"I certainly don't believe this heralds a new era of instability."

Arsenal

Ivan Gazidis on the timing of the announcement: "You are going to find the coming together of the Arsenal family in the last three home games of the season.

"The decision had to happen at some point. I don't think the club has been better prepared for the decision."

Image source, Rex Features

Ivan Gazidis: "We are not going to find a replacement for Arsene Wenger. He is an extraordinary manager and an extraordinary person. He will always have a place at this club.

The process begins today (to find a replacement). I want to keep that process in-house. This club has to rise to the challenge. You don't find a replacement for Arsene Wenger. You find a new path forward."

More from Arsenal chief executive Ivan Gazidis: "Arsene has taken every challenge he has faced with humour, grace and class. On behalf of all Arsenal fans I say thank you Arsene.

"We are in a better place today than we could ever have imaged 22 years ago.

"We will give him the send-off he deserves."

Image source, Getty Images

Arsenal

Ivan Gazidis: "This has been an emotional day for everyone at the club. Typically Arsene is not here today because his focus is on the game on Sunday.

"People are talking a lot and wonderfully about what Arsene has done."

Image source, Getty Images

Ivan Gazidis has arrived.

Here we go...

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Ivan Gazidis is running late. There's a room packed with sports journalists representing media outlets from around the world waiting to find out what Arsenal's chief executive has to say.

Right, the news conference with Arsenal chief executive Ivan Gazidis is due to begin very soon.

Where do Arsenal go from here?

Don't go anywhere. We'll have all the updates from Gazidis right here.

Image source, Rex Features

Listen back to Arsene Wenger's first ever interview with the BBC after being appointed Arsenal manager in 1996.

Speaking 22 years ago, Wenger said: "Arsenal is a serious club, with strong history and a big ambition.

"I think the Premier League pushed the level of the English clubs higher, and that's what's attracted me."

Click here to listen.

Image source, Reuters

League Managers' Association chief executive Richard Bevan: "Arsene stands for integrity, loyalty and excellence."His contribution to the game and football management in England cannot be underestimated."His achievements at Arsenal are testimony to his commitment and love for the club."His record of Champions League qualifications combined with his domestic competition success stands Arsene alongside the greats of English club football management."

Image source, PA

It's been a monumental day at Arsenal but where do the Gunners go from here?

Perhaps Ivan Gazidis will provide some clues.

Arsenal's chief executive is holding a news conference which is scheduled to begin at 17:00 BST.

We'll bring you all the updates right here.

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Manchester United boss Jose Mourinho has had plenty to say about Arsene Wenger...

Phil Neville
Former England & Man Utd defender

Arsene Wenger's teams were horrible to play against, absolutely horrible. And make no mistake that is praise not a criticism.

My best memory of my career was the battles I had with Arsenal. They were so good we had to play differently against them. We had to change our tactics. We had to be aggressive on and off the ball.

We had to disrupt the rhythm of Arsenal because if you let them get into a rhythm they were unstoppable. There were times when they did and they beat us easily.

They were Premier League games that were on a different level to any other Premier League game I've ever played in. These games were, in terms of level of quality, almost like a Champions League game - with that real eyeballs-out concentration.

Image source, Rex Features

BBC Sport looks back at the moment Arsene Wenger's Arsenal team lifted the Premier League title after completing the 2003-04 season without losing a match.

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League Managers' Association chairman Howard Wilkinson has paid tribute to Arsene Wenger, saying: "Arsene Wenger is without question one of the most significant managers to have graced the game of professional football here in England."From his arrival at Arsenal, it was patently clear that here was someone with tremendous foresight, fortitude and imagination."A man of high principles, he was never prepared to compromise his beliefs and, in so doing, he enhanced the history and reputation of one of the world’s great clubs."

Phil McNulty
BBC Sport chief football writer

"Arsene Who?" was one infamous headline that greeted Wenger's arrival on his appointment after a 19-month spell at Nagoya Grampus Eight in Japan, having previously won Ligue 1 in France with a Monaco side boasting England international Glenn Hoddle.

Arsenal season ticket holder and shareholder Darren Epstein, one of the most respected fan voices on Twitter with a following of 127,000, recalls: "Like most fans I'd never heard of him.

"We didn't have 24-hour news, live games from around Europe and, given that he was in Japan at the time, his profile was very low."

It soon became clear, however, that English football was witnessing the arrival of the man who would change the landscape forever with his approach to tactics, diet - instantly banning chocolate as a pre-match snack - and the culture of professional players.

How will Arsene Wenger be remembered? Read Phil McNulty here

Image source, Rex Features