The long-serving Frenchman, who is under fire from supporters wanting more from the Gunners, is the "major symbol and main asset" of the club, says the Uzbek-born Russian.
Arsenal shareholder Alisher Usmanov believes it is essential the club retains long-serving manager Arsene Wenger.
The 66-year-old will celebrate 20 years in charge at Arsenal this September but has come under increasing pressure from a section of the club's fan base in recent weeks.
Arsenal is currently third behind Leicester and bitter rival Tottenham in the race for the Premier League title, while it also recently slipped out of both the Champions League and FA Cup.