Arsenal manager Mikel Arteta described Gabriel Martinelli's contract extension as "great news".
According to reports, Martinelli's new deal will run until 2027 with the Gunners holding an option to extend the agreement by an additional 12 months.
The 21-year-old Brazilian has scored seven goals in the league this season for Arsenal, who currently sit top of the table with a five-point advantage over Manchester City - and a game in hand.
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Arsenal signed Martinelli from the lower tiers of Brazilian football in 2019, joining from Ituano for US$ 7.35 million.