Wenger is yet to commit his future beyond the current campaign, with recent results fuelling speculation that the Frenchman's 18-year tenure in north London could be drawing to a close.
Sunday's 3-0 defeat at Everton means Champions League qualification is no longer in the Gunners' hands, but Campbell does not believe his former boss will quit just yet.
“He’s always taken a long time to sign contracts, he has always been the same," the former centre-back, who joined Arsenal from arch rivals Tottenham in 2001, told FourFourTwo. "I don’t think we should really be surprised.
"I don’t think he will leave, he will be stepping up into the hierarchy. I don’t think Arsene will ever consider losing completely.
"I think he will want to finish on a high by winning the Premier League again for sure, or the Champions League – a cup on that level.
"He knows the club, he knows what he’s doing; not everyone can win all the time but he’s been successful, and as a manager, consistency is key."
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