The Spaniard, who led Arsenal to their first league title in 22 years, is reported to be the Premier League's best-paid manager.
Mikel Arteta has signed a new Arsenal contract that runs to June 2030. The four-year deal could take him past a decade in charge if he sees it out, and his coaching staff have also signed extended deals.
The Guardian understands the deal is worth more than £20m a season, which would make Arteta the best-paid manager in the Premier League. The Daily Mail puts the figure at around £20m a year. The Mirror, however, says the value is a closely guarded secret that will be tied to bonuses, so the exact terms are not confirmed.
The contract follows Arsenal ending a 22-year wait to be crowned champions. The Guardian says the pay rise is in recognition of Arteta's success last season, when Arsenal finished top after three successive runners-up finishes.
Arsenal's co-chairs, Stan and Josh Kroenke, said: "It has been an incredible journey so far and we are excited for what lies ahead in this special relationship."
Arteta said: "This club is unique, its character and the way it makes you feel, and I have a great sense of privilege that our journey together will continue." He added that "what is so exciting is that this is only the beginning of what we can achieve together."
Arsenal CEO Richard Garlick said: "This is an important time in Arsenal Football Club's history. We want to create a winning era together with Mikel."
Arteta took over from Unai Emery in December 2019 and is now the Premier League's longest-serving manager, following the departure of Pep Guardiola from Manchester City. He is 44. Last season, Arsenal lost the Champions League final to Paris Saint-Germain on penalties.
The new deal runs until June 2030.
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