The Gunners surrendered a 2-0 lead at Wolves on Wednesday night, but the silver lining was Saka celebrating by miming signing a contract, confirming to many that he would be staying.
Now the news has been confirmed by the Premier League leaders as the winger spoke to the club website about how much it means to him and his family.
“I'm feeling amazing. I think it's a fantastic moment for my family and for me. I feel immense joy to continue my journey at this club. For me, it was an easy commitment and I just hope to win everything here.
“The journey that I've been on, from where I started to where I am now, and the journey the team's been on as well, is a special one.
“I believe the next few years are going to be the years that we get over the line, and we're able to win trophies and make history for this club. We're back where we belong, fighting for everything.”
This news comes just days before the North London derby, where Arsenal will hope to pick up three points against a Spurs side who will be under interim boss Igor Tudor for the first time.
Arsenal have led the Premier League table for 147 days this season and a win could extend their lead to eight points, depending on how Manchester City perform against Newcastle United the day before.