The 25-year-old Iceland global has two years remaining on his contract with the French club, having joined from Danish side Nordsjaelland in 2018.
Aubameyang, who has scored 55 goals in 86 league appearances since his move from Borussia Dortmund in January 2018, has reportedly signed a three-year deal that ties him to Arsenal until 2023 - when he will be 34.
While speaking live on the Emirates Stadium pitch, Aubameyang added: "I am really, really happy to stay here". "Can I just say, because there's so many people [watching] and I'm sure there's lots of people requesting you, man, but let me just say: For you to sign for us in a time when we need you most, when we've seen legends leave us when we need them, you are legendary status".
Crucially, he netted a brace as the Gunners beat Chelsea 2-1 in the FA Cup final in August, having also scored twice in the 2-0 semi-final win over holders Manchester City. "It's thanks to our fans, my team-mates, my family and everybody at this club that I feel like I belong here".
Arsenal manager Mikel Arteta hailed the Gabonese forward's commitment to the club, noting that he is an important part of the squad.
"My dad is my biggest inspiration and he was captain of his club and his country, so it means so much to me to be the captain of this special club". "To leave a legacy".
Arsenal head coach Mikel Arteta now has a very big squad that will have a lot of players that will want to take part in matches and we today take a look at two players that will give him squad choosing headache when they become fit to play. "We have something exciting here and I believe the best is to come for Arsenal".
That said, if Bernd Leno gets injured again, would Runarsson as back-up and either Macey or, if he leaves, a young Hale End graduate as third choice, inspire confidence when it comes to facing the Premier League's top attackers for several weeks?
It is major coup for Arsenal to keep Aubameyang and securing his future will maintain should allow Arteta to maintain the team's improvement since he took charge in December.
"It was important for Pierre-Emerick to stay with us", said Arteta. "He can achieve that here".