Talks have been going on between the player’s representatives and the club for a while.
Both parties have now reached an agreement in principle, with some minor details left to be sorted out.
The deal would see Saka earn around £200,000-per-week, but it is unknown when he will sign. It would likely make the England international Arsenal’s best-paid player.
The 21-year-old has arguably been the Gunners’ best player this term. Saka has bagged nine league goals and made eight assists in 23 games.
The north London club are top of the Premier League table thanks to his brilliance and consistency.
He is entering the final 12 months of the contract extension he signed in 2020. However, Arsenal do have an option to extend it for one year.
Manchester City are one of the clubs that have been monitoring the contract situation of the Gunners’ academy graduate.
The Etihad Stadium outfit will have to look elsewhere as Arsenal are now very close to retaining Saka’s services.
Gabriel Martinelli also agreed to a new long-term contract earlier this month.
Arsenal manager Mikel Arteta is keen to keep his core players and regularly challenge for major silverware.
Saka joined Arsenal in 2008 and spent a decade in their youth ranks before making his senior debut.
He started as a left-back but has since established himself as one of the best wingers in the English top flight.
Saka helped his club win the FA Cup and Community Shield in 2020 and will be eager to add the Premier League to the collection.
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