Buyako Saka has signed a new deal to stay at Arsenal until 2027, saying the club "is the right place to make the next step".
The England forward has scored 14 goals for the Gunners this season, contributing 11 assists.
Just 21 years old, he has already made 178 appearances for the club and has featured in all Arsenal's Premier League games over the past two campaigns.
"I'm just really happy," said Saka.
"There's been a lot of talking and it's been a while, but I'm here now. I think this is the right club, the right place to make the next step. It's a beautiful club - look where we are.
"For me, it's about achieving my personal ambitions - how much I push myself and demand from myself each game, week in, week out. Then I have all the right people around me in terms of family, and when I come to the training ground, my team-mates, the coaching staff.
"I think I have everything I need to become the best player I can be, and that's why I'm happy to stay here and be here for the future, because I really believe that we can achieve big things."
Saka's previous deal was due to expire at the end of the 2023-24 season.
Second-placed Arsenal host Wolves in their final game of the season on Sunday, having missed out on the Premier League title to Manchester City.
Next season, the Gunners will play Champions League football after a six-year absence.
"I have seen a lot of change. I've seen this team and the club grow, and one thing that everyone around us can be excited about is that we are going in the right direction," added Saka.
"Time is on our side. You can look at our team and a lot of the players are young. We're hungry, and a lot of us haven't won trophies at Arsenal so we want to achieve big things. If you watch the way we all speak, we want to win and we want to win here."
Manager Mikel Arteta said: "It's great for the club that Bukayo has extended his contract. Retaining our best young talents is key to our continued progress and Bukayo represents such an important part of our squad now and for the future.
"As well as being a fantastic talent, Bukayo is a special person - he's loved by us all."