Alex Iwobi has penned a new five-year deal at Arsenal worth £70,000-a-week. This was announced on the club's official Twitter handle.
The 22-year-old has committed his long-term future to the Gunners as he carries on his love-affair with his boyhood club.
SunSport reported last month how the Nigerian international snubbed interest from Serie A side Lazio to extend his stay with the North Londoners.
Speaking to the club's website, Iwobi has stressed his pride to carry on playing for the Europa League semi-finalists.
He said: "It's always been my childhood dream to represent Arsenal, from young.
"To get an extended contract is an amazing feeling and I hope I'm doing the Arsenal family proud, as well as my family proud."
Iwobi, who joined the Gunners academy at the age of six, added: "It feels so special.
"The first kit that I had was Arsenal and long may I continue to represent them."
Boss Unai Emery said: "I'm very pleased Alex has signed a new contract with us.
"He is a great example of a player who can succeed from the Academy through hard work and I look forward to working with him and our other talented young players in the squad."
Iwobi netted the winning spot-kick in the penalty shootout against Chelsea in the International Champions Cup on Wednesday.
Since break into the first team during the 2015/16 season, the Super Eagles star has racked up 98 goals in all competitions - netting on nine occasions.
He featured 39 times under Arsene Wenger last campaign, and has already made a big impression on the ex-Paris Saint-Germain gaffer.
