David Dein insists Arsenal 'will do the maximum' to ensure captain Thierry Henry stays at the club.
Henry has indicated his desire to extend his contract with the Gunners, who are set to move into a new 60,000-seater stadium next season.
Dialogue is on-going, with the 28-year-old insisting his decision is not a financial one but for Arsenal to have the same 'sporting ambition' as their talisman striker.
Vice-chairman Dein is confident a deal to suit all parties can be struck.
'You know where we are with Thierry. He has come out publicly and said he wants to stay at the club, and we desperately want him to stay,' he said.
'We are doing everything to ensure we both achieve our objectives. We are in advanced stages of that process.'
Dein insisted: 'The timing is his, not ours. It's a combination of figures and ambition.
'When Thierry is ready, he will sign for the club.
'On a personal level I think he wants to remain with Arsenal. He wants to be a captain of the team which achieves success.
'My job satisfaction is when Thierry lifts a trophy.'
Arsenal, however, will not press the French World Cup-winner for a swift conclusion to the talks.
'It is ongoing. We're not going to push it. When Thierry knows he's ready he knows where we are,' said Dein.
'We are not going to give him an ultimatum - we respect him too much.
'He wants to stay. He loves London and is very happy here.
'He will not get a better financial offer than he will get from Arsenal Football Club.
'We will do the maximum to ensure he stays. The board are determined he should stay.
'Above all else, Arsene wants him to stay. We will make sure he does stay - end of story.'
Dein understands, though, why Henry may have considered furthering his career with a club in Continental Europe.
'If he wants to stay in London he will stay with us,' the Arsenal vice-chairman said.
'The only threat is if he decides he wants another challenge abroad. I don't believe he'd go to any other club in England.
'I am quietly confident he will remain with us.'
The Gunners last week completed the signing of teenager Theo Walcott from Southampton in a deal which could cost a total of £12million.
The arrival of the England Under-17s international follows the signing of Togo forward Emmanuel Adebayor and 19-year-old French midfielder Vasiriki Abou Diaby.
Dein reflected: 'We can only show ambition by what we are doing - we are building a 60,000-seater stadium and bringing in talent.'