The club is just an entity, it doesn't have expectations.
The board do but right now they seem to be mostly about revenue. They said they're aiming to compete with Bayern but they didn't sack a manager who failed last year to compete with Leicester. All the other big guns did and while I don't want to be on the endless manager merry-go-round there comes a time when enough is enough. IMO Wenger did well to navigate us through the stadium move and keep us up there and the FA Cups were nice but it's clear he can't push is any further so we need someone who can.
The fans have an expectation too but where does that expectation come from? Right now it comes from Wenger's time with us, before then we never expected to challenge for the title each year. I didn't say he's competing with himself, I said he's only failing in comparison with himself. 20 years ago 3 seasons where we win two FA Cups and then finish 2nd in the league wouldn't have led to howls of derision and calls to sack the manager. We as a club have moved on, we expect more now but that level of expectation comes from Wenger's initial success with us and the way the club has grown under him.
I thinkBut now answer what you think when see Jose or Pep faltering with both Manchester clubs. Chelsea last season.
But I also think "be careful what you wish for". I think Wenger needs to move on but I reject the notion that Wenger is such a bumbling incompetent that any idiot could come in and we'd be winning titles left, right and centre. Other feted managers have come and gone at big Premier League clubs with big resources and failed to do that.
So...Wenger Out, but let's get things out of perspective. He's kept us relatively competitive, we have a good squad, we have money in the bank. We're in pretty good shape for any manager coming in, he's hardly "done a Clough" and taken us down, he hasn't even done a Moyes.