It will almost certainly be Arsene. The club's press release talking about the "long term" and Arsene's own comments in his press conference make it pretty clear that he's planning on staying and thhe Board are planning on indulging him.
All of which begs the question, if the Board are so concerned with the long term health of the club, why not announce the new deal now? Why not come out and say a new deal was offered and they want Arsene to stay? They're all a bunch of cowards.