Unai Emery has six games to prove to the Arsenal hierarchy that he is still the right man for the job, according to reports.
Emery has come under heavy pressure in recent weeks, with Arsenal now eight points adrift of the top four.
Saturday's 2-0 defeat by Leicester means the Gunners have now won just two of their last 10 Premier League games.
Emery has also been criticised for Arsenal's lack of on-field identity, as well as for failing to get a grip on disciplinary issues off the pitch.
It has also been reported that Emery has come under fire from several members of his squad for stripping Granit Xhaka of the captaincy following the Swiss' clash with supporters during a 2-2 draw with Crystal Palace.
Nevertheless, the Evening Standard report that Emery must oversee a turnaround in Arsenal's next six games if he wants to remain in position.
A positive set of results would justify the faith Sanllehi and Venkatesham have placed in the Spaniard.
But a continuation of Arsenal's poor recent form could force the board to act before the transfer window reopens in January.
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