Arsenal’s chief executive, Ivan Gazidis, has said the club will deal with Arsène Wenger’s future in a manner that is mutually beneficial to both parties.

Wenger’s contract expires at the end of this season, his 21st year with the club, and speaking on the sidelines of a Vatican conference on faith and sport, Gazidis said: “He’s been clear and we’ve always been clear, that’s a mutual decision as to how long he’ll continue. Both need to be on the same page on that.

“Arsenal is not Arsène Wenger. They’re not one in the same thing. What Arsène has done is to capture and understand and embrace the values of the club and enhance them. In a football sense, he has transformed the club. But I think from a value standpoint, we’ve been doing work in our local community for 30 years, before Arsène Wenger came to the club.”

Gazidis, one of the founders of Major League Soccer, also discussed the development of young American players as the league’s next step toward prominence. “They’re growing at a phenomenal rate,” he said. “They have an incredible number of young kids playing the game, all across the United States from all kinds of different ethnic, racial and religious groups.

“Reaching out and making sure that the best of that talent has the best opportunities to drive the league forward is their next big challenge and their huge opportunity.”

Earlier this week, Bob Bradley was named as the Premier League’s first American manager, taking over at Swansea City, and will take charge of his first game on 15 October against Arsenal. “I’ve known Bob Bradley for many, many years,” Gazidis said. “He’s a terrific manager who has put a lot into his career. But since he’s playing against us in his first game I won’t wish him too much luck off the bat.”