No, at this moment in time he hasn't done enough to warrant us giving him a new contract.
If he delivers European football next season, then maybe, but there should be no talk about a new contract until we see if he can do that.
And before anyone starts on this - there are plenty of examples of managers in their final year of a contract doing well (
Moyes in his final year here last time, Iraola this season, etc), so there's no reason to rush anything.