It's the end of an era, no one else will hold the manager's post as long as he has in this current climate of football.
I'm not an Arsenal fan but I can see that he did some great things for the English game, bringing it into the 21st century with increased focus on player fitness, health and lifestyle. And what he did with the invincibles team of 2004 was superb.
It's a sad situation really, I don't think Wenger has done anything wrong. He's just had trouble adapting to changes in a fiercely competitive football market, changes which have seen many of Arsenal's big rivals spend big and overtake them to push them out of England's elite few: first it was Chelsea, then Man City, then Spurs, even Man Utd have steadied the ship after having a bit of a wobble for a few seasons. Arsenal weren't able to keep up with them and eventually got left behind.
So who's up next for them? Heard it might be Joachim Loew (although this wasn't from a 'reliable source within the club').