The Gabon international has ended any doubts over his future by remaining in London until he is 35 after his new deal was made official.
Aubameyang had one-year left on his contract and was linked with top European clubs like Barcelona, Inter Milan and Manchester United.
Aubameyang has been Arsenal’s key man in front of goal as he has scored 72 goals in 111 appearances in all competitions since he joined the Premier League side from Borussia Dortmund in January 2018.
"Signing for this special club was never in doubt," Aubameyang said. "It's thanks to our fans, my team-mates, my family and everybody at this club that I feel like I belong here.
"I believe in Arsenal. We can achieve big things together. We have something exciting here and I believe the best is to come for Arsenal."
Arsenal manager Mikel Arteta added: "It was important for Pierre-Emerick to stay with us. He's a superb player with an incredible mentality. Being the player to have taken the least amount of time to reach 50 goals with this club tells you everything you need to know about him and his way of working.
"He's an important leader for the team and a big part of what we're building. He wants to be up there with the best players in the world and leave his mark. He can achieve that here."
