Wenger has flirted with Real before, but with his side on the brink of success he knows now is not the time to play games
It's that time of year again.
The day after the second leg of the Champions League last 16. And, as is seemingly always the case, Real Madrid are hunting a new manager.
This time it's Manuel Pelligrini whose neck is in the noose, after £250million of summer spending got him precisely no further in the competition that matters than any of the predecessors of the past five seasons.
No surprise, either, that Real have started to look to England for the successor.
But while Rafa Benitez may choose to stay silent, Arsene Wenger's instinctive and unequivocal response to the question of whether he might be Bernabeu bound will surely gladden the hearts of the Arsenal fans who have got over their winter wobble doubts and decided the Frenchman is the visionary they want him to be.
Wenger tells Madrid: 'Leave me alone'
Of course, when it comes to Real and Wenger, we have all been there before. Three times before, to be precise.
The first came in 2003, when Florentino Perez, now back in the hotseat, targeted Wenger to replace Vicente Del Bosque.
Wenger flew to Orly airport south of Paris for talks but was not convinced that he wanted to be at the helm of the Galactico project, clearing the way for what has become the revolving managerial door ever since.
Next saw a serious approach, given serious thought by Wenger, came in the aftermath of the boardroom putsch that ousted David Dein in 2007.
Once again, Wenger looked at what was on offer, gave it consideration, but decided he was not prepared to lose the authority he has always had at Arsenal and change his status to the next Bernabeu patsy.
And then last summer, at the height of the fan unrest at another season of "failure", Wenger played the game brilliantly, talking up the "interesting" project under the re-elected Perez, forcing the supporters and the Arsenal board to their senses before making clear he was staying put.
This time, though, Wenger has made the first move, distancing himself from the idea.
Part of that is timing. Suddenly, as Wenger knows, a season that might have gone belly-up could end with the Gunners sneaking up on the blind-side of both Chelsea and Manchester United to take the title.
If the Gunners win their remaining games - and they could not have asked for a better set of fixtures - they would be guaranteed at least second, while a further slip up by either Carlo Ancelotti's men or the defending champions would be enough for Arsenal to wear the crown.
This is not the time, as Wenger knows, to do anything that might destabilise his squad or rock the boat and by dismissing the very idea of leaving Arsenal for Madrid, the Frenchman sent out a message of intent, that he has faith in his side.
At times this season that faith may have faltered. Wenger certainly began the campaign believing it was going to be his year, that United would not be the same without Cristiano Ronaldo, that Chelsea would struggle to adapt to Ancelotti's methods and that the departure of Xabi Alonso would leave a gaping hole Liverpool might not be able to fill.
Ironically, he has only been right on the last of those three, with Wayne Rooney more than replacing the Portuguese and Chelsea at times looking as dominant and powerful as in the Jose Mourinho era.
Despite that, Arsenal are right in it, knowing that they are the masters of their own destiny. Wenger does not want to endanger that.
For all the occasionally querulous outbreaks from the Emirates fans, Wenger is utterly content at Arsenal, a club where he can call all the shots. It is hard to believe he will give that up for another club job now, although international management, either with France, Japan or England, may be how he decides to end his career.
Madrid, though, are gearing up their latest managerial search, as Pelligrini prepares to consult his lawyers.
Benitez, who has, of course, won the Champions League and who is slowly losing the Anfield fans, would be the likely first choice.
A former Madrid player and junior coach, it would be a chance to go back home and while Perez embarked an a spectacular summer recruitment policy, he may now be starting to recognise the virtues of solidity and planning - and there is no better one-off match planner than Benitez.
Equally, envious eyes might be cast towards Mourinho, who has previously spoken of his wish to manage in all the big European leagues and who would love to rub those Barcelona jibes about him being a "traducer" - or translator - back in the mouths of the Nou Camp niggards who decry his achievements.
But it seems that Wenger is out of the equation. Good news for Arsenal. Good news for the Premier League. Maybe not such good news for Fergie and Ancelotti.
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