The Frenchman has been under increasing pressure in recent weeks following a disappointing run of results.
Arsenal are now out of both the FA Cup and the Champions League, and they remain 11 points behind table toppers Leicester City in the Premier League.
Fans have begun to turn on Wenger, even though the 66-year-old still has one year left on his current contract.
But Usmanov, Arsenal's second largest shareholder, has insisted Wenger is still the right man to lead the Gunners forward.
He told Russian TV channel Rossiya24: "The club must retain its major symbol and main asset - manager Arsene Wenger.
"Failures have been haunting Arsenal for many years now, they cannot become the EPL champions. This has led to some discontent with Wenger's position as a manager.
"I believe that Arsene Wenger is a great coach, and Arsenal has to give him the opportunity to plan the succession process and leave his legacy when he deems it necessary.
"It is very important for the football club to maintain the principles that were established by those people who created its victories.
"Arsenal needs Arsene Wenger."
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