Arsene Wenger has announced that he will step down as Arsenal manager at the end of the season.

Last summer, Wenger penned a new two-year contract at the Emirates Stadium and since then, the Frenchman has spent over £100m in an attempt to challenge for the Premier League title.

However, the Gunners sit in sixth position in the table - 33 points adrift of champions Manchester City and 14 behind fourth-placed Tottenham Hotspur - and after 22 years in charge of the club, Wenger has decided to walk away from the North London outfit.

In a statement released on Arsenal's official website, Wenger said: "After careful consideration and following discussions with the club, I feel it is the right time for me to step down at the end of the season.

"I am grateful for having had the privilege to serve the club for so many memorable years. I managed the club with full commitment and integrity. I want to thank the staff, the players, the directors and the fans who make this club so special.

"I urge our fans to stand behind the team to finish on a high. To all the Arsenal lovers take care of the values of the club. My love and support for ever."

Wenger has amassed 1,228 games in the Arsenal dugout, recording 704 victories, while three Premier League titles and seven FA Cups have been won during his time in charge.