The 22-year-old has been at the club since the age of nine and played for Nigeria at the World Cup
Alex Iwobi has signed a new contract with Arsenal, the club have confirmed.
Since breaking into the first team, the 22-year-old has played 98 times and scored nine goals.
“I’m very pleased Alex has signed a new contract with us,” manager Unai Emery said. “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.”
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Iwobi, who moved from Lagos to London when he was four, has represented Nigeria 20 times and played for them at the World Cup.
He joined the Arsenal academy when he was nine and made his full debut against Sheffield United in 2015.