Some Arsenal supporters have chosen to vote with their feet in lately at a protest to yet another disastrous season under Wenger in the Premier League.
In spite of the official attendance often released as near capacity, the Emirates has hardly been half full in matches lately.
Nicholas believes Wenger will be upset by seeing empty seats and thinks he could call it a day with a year remaining on his contract.
The Scot also says he thinks Wenger will stay if Arsenal wins the Europa League, where they will be facing Atletico Madrid in the semi-final.
“He would stay, I think so.
“The punishing thing that I see that Arsene might leave this summer is the lack of audience.
“They can tell us there's 58,000 there if you like but we can see they've paid their money, but they're not turning up.
“Arsene Wenger was a significant fabric in creating this global branding at Arsenal and that stadium in particular.
“For him to see that the people don't want to come and watch his teams anymore is punishing.
“It must be cruel; it must be tough. That's the only way that I can see that Arsene would step aside because I've not heard a thing about potential managers ready to take over,” Nicholas said on Sky Sports.
This article was most recently revised and updated 3 years ago