Before the club's FA Cup clash with Manchester City at Wembley Stadium today (Sunday 23 April), Arsenal fans will be encouraged to walk under either a 'Wenger In' or 'Wenger Out' banner (pictured below) to help decide the Frenchman's fate.
The bookmaker said it would be announcing the results of the 'Wengerendum' after Sunday's game, in the hope that it "puts an end to embarrassing outbursts and in-fighting amongst fans".
Company spokesman Paddy Power said: "Arsenal supporters have been at each other's throats (literally) over whether Arsène Wenger should be 'in' or 'out' come the end of the season, so it made perfect sense to stop the animosity and let democracy do the talking by inviting fans to vote with their feet."
Arsenal, who finished second behind Leicester during last year's campaign, currently sit sixth in the Premier League, 18 points behind leaders Chelsea and 14 points behind north London rivals Spurs.
As a result, many Gunners' fans have repeatedly called for Wenger's head this season, with some supporters holding up 'Wenger Out' banners at matches.