The 24-year-old’s deal was set to expire in 2025, but he has now agreed fresh terms with the north Londoners.
The new contract will keep him at the club until 2028, and there is no option to extend.
Talks for a new deal reportedly started in May, and he put pen to paper on September 1.
Odegaard arrived on a loan deal at the Emirates Stadium from Real Madrid in January 2021.
His excellent displays convinced the Gunners to make the move permanent for €35 million plus add-ons the following summer.
And that proved an outstanding decision as he established himself as a key player for Arsenal.
In 112 appearances across all competitions, the Norwegian has scored 27 goals and contributed 15 assists.
Odegaard, who mainly plays as an attacking midfielder, is highly rated for his technique, dribbling skills, and range of passing.
He was reportedly starting to generate interest from elsewhere, and the Gunners have made a brilliant decision to hand him a new contract.
The Norway international is the latest key player to extend his deal after William Saliba, Bukayo Saka, Aaron Ramsdale and Gabriel Martinelli.
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