Gunners boss Wenger has yet to announce whether he will agree to a new two-year contract which is currently on the table, despite revealing last weekend that he has made up his mind about his future.
The 67-year-old continues to split opinion among the Arsenal fan-base, with a growing number of supporters calling for the Frenchman to leave when his current deal expires at the end of the season.
Protests have been held ahead of two recent home games, with the Gunners having lost six of their last nine matches and fighting to finish in the Premier League top four.
As well as Wenger's future being up in the air, it remains unclear whether either Sanchez or Ozil will sign new deals - with the pair having just 15 months left on their present agreements.
Wenger revealed earlier in the week that any talks with two of his key players have been put on hold until the summer as everyone keeps focus on addressing a slide in form, but Pires reckons it is the manager's own future which is the more pressing issue.
Asked by Sky Sports News about Sanchez and Ozil, the former Arsenal winger said: "I hope for him (Sanchez) and Ozil they extend with new contracts. The negotiation is very difficult and maybe complicated.
"But the most important is to see Arsene Wenger extend. Arsene Wenger is very, very important for Arsenal for now and for next season.
"I believe in Arsene Wenger. For me it was a privilege to work with him for six seasons. He was not perfect but he was good, we won some titles."
Read the full article on eurosport.co.uk: Arsene Wenger's new contract more important than player deals, says Robert Pires