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London - Unai Emery has been offered the backing of the Arsenal board for now, but has been warned that results must improve.
The Spaniard has come under mounting pressure following a string of poor performances and a record of just two wins from their last 10 Premier League games.
A 2-0 loss at Leicester on Saturday saw the Gunners fall eight points behind the Premier League's top four.
Emery's target had been to secure a return to the Champions League for the first time in four seasons next year, either via a top four finish or by winning the Europa League.
However, the club's head of football Raul Sanllehi and managing director Vinai Venkatesham insist Emery remains the right man for the job.
"We are as disappointed as everyone else with both our results and performances at this stage of the season," Sanllehi and Venkatesham told Arsenal staff at a pre-planned meeting on Monday.
"We share the frustration with our fans, Unai, the players and all our staff as they are not at the level we want or expect.
"Things need to improve to meet our objectives for the season, and we firmly believe Unai is the right man for the job, together with the backroom team we have in place."
The backing comes with supporters unrest rising due to poor performances on the pitch and the Emery's decision to make Granit Xhaka club captain earlier this season.
Xhaka was stripped of that honour after a foul-mouthed tirade towards his own fans when being substituted at home to Crystal Palace on October 27.
"We have to make the tough decision Arsenal! It's not getting better," said former Arsenal striker Ian Wright after Saturday's defeat.
"No definitive style or plan. Negative goal difference. No improvement in the defence. Not creating anything," added Wright on Twitter.
