Arsene Wenger announced his departure from the London club in a statement posted on Arsenal's website on Friday.

"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," the 68-year-old Frenchman said.

"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."

Majority owner Stan Kroenke was full of praise for Wenger, who moved to the club from Nagoya Grampus Eight of the J-League in the summer of 1996.

"Arsène has unparalleled class and we will always be grateful to him. Everyone who loves Arsenal and everyone who loves football owes him a debt of gratitude," Kroenke said.

"Three Premier League titles, including an entire season unbeaten, seven FA Cup triumphs and 20 successive years in the Champions League is an exceptional record. He has also transformed the identity of our club and of English football with his vision for how the game can be played." 

There was no immediate word on who Wenger's replacement would be.