The 18-year-old has been in impressive form this season, filling in at left-back as well as playing in a more advanced position in recent games.
Saka was out of contract at the end of next season, meaning that Arsenal risked losing him for nothing had a new deal not been agreed, with the likes of Liverpool and Borussia Dortmund ready to pounce.
However, that speculation has now been put to bed as the youngster put pen to paper on a deal until 2024.
When asked why he made the decision to commit his future to the club, Saka was emphatic in his answer.
“It’s Arsenal, you know. Come on, it’s Arsenal!” He told the official website.
The stadium is great, the fans are great, the club is great. Everything about this club is great.
“I love playing for Arsenal, you know. I love playing for the coach, the fans, my team-mates, I really believe in the philosophy that the boss is bringing and what he’s building, and I’m just really excited to see where he’s going to take us in the future.”
And it seems that Gunners’ fans also share the player’s excitement.
Saka has been with the club since the age of seven and made his senior debut in the 4-1 win over Fulham last season when he was aged just 17.
He has gone onto make a further 36 first-team appearances, scoring three goals and providing 10 assists.
The news of the new deal will come as a welcome boost to Mikel Arteta as he looks to lead Arsenal to a European spot in the Premier League at the end of the season.