He definitely should be sacked. I think what's really telling about Arsenal and the way they play is how the Bayern and Barcafans I know react, when they draw Arsenal. They are joyful. Big opponent, but no challenge at all. Game will be televised everywhere, yet there is no real danger of losing out on the next round. Just the perfect opportunity to show off to the whole world. Arsenal are the epitome of harmlessness when it comes to the big stage. The most funny thing about them is how they always set up exactly the same way. How Wenger seems to think we would be somewhat shocked or overwelhmed by their speed and so on. This naive, short passing approach without any serious pressing is so extremely easy to beat, it's not even funny anymore. And you don't even have to worry about some experiments. The best Wenger can do is put someone like Sanogo in the lineup. You know, because Pique, Mascherano, Boateng and Hummels can't handle his pace.
Oh, and I don't believe it's the lack of great players. Arsenal have and had a lot of them. Never did them any good. If you are unable to build around a foundation of players like Sanchez, Özil, Mustafi, Koscielny, Ramsey, Cech and Bellerin, it's your own fault. And don't talk about injuries. You can have bad luck with injuries every now and then. You can even have some players who are prone to injuries. But if you always have as many injuries as Arsenal do, over such a long period of time, you're doing something wrong.
If you have so many talented, young players struggling to advance their careers, you're doing something wrong. For example, what in the world was the guy doing to Gnabry? Why did he never play? Might not be a world beater, but he has obvious talent and is extremely cold in front of the goal. He played a few times for them and basically disappeared. Now he's at Bremen and wanted by many clubs. And he is not the only one. So many careers stalled at Arsenal.
Walcott has tremendous attributes. The guy could be such a good forward. Or could have been. Wenger even saw that and was unable to coach him accordingly.
Wenger is exactly the coach he was 15 years ago. He won't change one bit. Pure stubborness. Arsenal somehow deluded themselves into some weird groupthink that Wenger is their SAF, completely overstating his ablity as a coach and now they are afraid they might go the same path you guys did. That's what's holding them back.
In my opinion, a team as big as Arsenal, located right in London, having as many fans as they do, having ticket prices as high as they do and so on, they should simply perform far better. Arsenal are the biggest waste of potential in the world of football.