The decision needs to be taken out of his hands. I don't blame Wenger for thinking he can turn things around, he's a proud man and like any manager worth their salt he has confidence in his ability.
The board are clearly more of a problem than Wenger. The fact it's still in Wenger's hands after this shambles of a season is a joke.
No sane man walks away from the Arsenal job, when the other option is to stay.