The Norwegian playmaker is understood to have extended his stay until the summer of 2028 without an option for a further year, and he has reportedly become the club's highest-paid player in the process.
Odegaard becomes the seventh player to sign a new Arsenal contract over the past 12 months, following Bukayo Saka, Gabriel Martinelli, Gabriel Magalhaes, William Saliba, Aaron Ramsdale and Reiss Nelson in committing his future to the club.
«Signing a new contract was a really easy decision for me for lots of reasons. Mainly what we are doing right now as a club is special, and I want to be a part of that. I'm really excited for what's to come here. I've found a place where I can be really settled and call my home,» Odegaard told arsenal.com.
«My story is a bit different maybe, as I moved around different clubs since I was 16. At Arsenal, since the first day, I've felt great and this is definitely my home now.
»I just want to say thanks to everyone working at the club and of course, our fantastic supporters. I will continue to give everything to bring success to this club in the years to come."
Talks between Arsenal and Odegaard's representatives are believed to have started in May, after the former Real Madrid man captained the Gunners to a second-placed Premier League finish, scoring 15 goals along the way.
Negotiations progressed extremely quickly, and Odegaard snubbed growing interest from elsewhere to pen fresh terms in North London on September 1, having shown no desire whatsoever to end his time with the Gunners.
Manager Mikel Arteta hailed his skipper as a «role model» following confirmation of his new contract, adding:Read on sportsmole.co.uk