The Frenchman, who is in his 14th season as manager of the Gunners, is approaching his 60th birthday next month.
Manchester United boss Sir Alex Ferguson was talked out of retirement at Old Trafford in 2001, when he announced he was leaving the game.
“I can understand that (Ferguson’s decision), I said I would stop at 50,” he said.
“I don’t believe in retiring unless you have to. I have never had a day when I think I could live without football.
“I know one day it will happen but you shouldn’t live every day knowing you are going to die – you live knowing that you want to live.”
He added: “In our job you need physical strength and to be a bit of an animal to convince people it’s important to win.
“But once that physical strength goes it’s a handicap, although you can compensate to an extent with experience.
“But you need in some way to be an animal and you need physical power. You will know if you are not hungry enough any more but other people will tell you if you are not good enough any more.
“It’s not for a manager to know – it’s for other people to know and to tell him.”