The 18-year-old has put pen to paper on a contract that runs until 2024 to end speculation over his future.
Impressive performances this season both in the left-back and left-wing role prompted Arsenal to move quickly to tie the teenager down to a longer-term deal.
Had an agreement not been reached, the Gunners risked losing the player for nothing at the end of next season with Liverpool and Borussia Dortmund said to be among the clubs lurking.
Following the announcement of his new contract, Saka took to social media to show his delight.
“London is my home,” he wrote. “Arsenal my team. I’m so happy to finally announce my contract extension. I love playing for this club and I’m looking forward to what the future holds..The hard work continues so I can continue living my dream. God is Great !!”
But Saka wasn’t the only Arsenal player to take to social media to celebrate the new contract.
Pierre-Emerick Aubameyang, Alexandre Lacazette, Gabriel Martinelli, and Shkodran Mustafi are just four of the Gunners’ players to post a congratulations message on Twitter or Instagram.
“Little chilli Petit Piment congrats my lil brother u deserve it,” was the message from Aubameyang, while Lacazette wrote: “Congrats bro finally..” on Twitter.
Saka has been with the club since the age of seven, making his way through the academy at London Colony.
He made his debut as a 17-year-old in a 4-1 win over Fulham last season and has since gone from strength to strength.
Arsenal will be hoping that his stock continues to rise now that his future lies at the Emirates Stadium.