Mohamed Elneny's team has just triumphed few days ago over Chelsea to win the FA Cup, with Wenger lifting the domestic cup for a record seventh time.
"I am pleased Arsene Wenger will continue to manage Arsenal for the next two years - he is one of the best coaches in Europe", Usmanov said in a statement.
Gazidis also said that the club remains convinced that Wenger is the right man to lead the team towards a Premier League title challenge.
Arsenal legend Thierry Henry has warned fans that they shouldn't get their hopes up for a big money overhaul at the club this summer, after boss Arsene Wenger has stated he only needs a few top players to complete the side.
"Of course we'll try to strengthen our squad to be stronger next season, but we want to be faithful to the way we want to play the game".
"Our ambition is to win the Premier League".
"It's what the fans, players, staff, manager and board expect and we won't rest until that is achieved". Arsène is the best person to help us make that happen.
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The new contract means Wenger will be within three years of matching the 26 years Sir Alex Ferguson spent in charge of Manchester United, if he sees it out.
Speculation over the Frenchman's future has been rife in recent months but despite a backdrop of supporter unrest, he has now committed to the club with a fresh deal that will extend his reign to nearly 23 years. "We want to support this way [of playing] all together".
Some fans staged protest marches before home games in recent months calling for the manager to step down, and planes carrying "Wenger out" banners flew over the stadium during two away games.
Arsenal are expected to spend at least £100 million on new players in the upcoming transfer window but that's roughly what they spent last summer, only to finish fifth and fail to qualify for the Champions League for the first time in Wenger's 21-year tenure.
Wenger wants to not only bring in world class players - and seems to have the money to do so - but also wants to trim the squad, as he feels there are an terrible lot of players, and it's time for some of them to move on.
The two-year contract was approved after a private meeting between Wenger and majority shareholder Stan Kroenke earlier this week, and the former is thankful to the board members for keeping faith on him.
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