Speaking to the BBC's Dan Roan, Hill-Wood said "Nothing been decided yet" with regards to his future as Arsenal chairman.
Hill-Wood has spent 51 years on the Arsenal board and last December was taken to hospital after suffering a heart attack following a bout of pneumonia.
He took over as chairman in 1982, following the death of his father Denis and is the third generation of the Hill-Wood family to lead the Arsenal board. His grandfather served as chairman between 1929-1936 and then again between 1946-1949.
At the age of 77, Hill-Wood is the second oldest member of the Arsenal board.
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