Aubameyang has proven his pedigree as the leading striker for the Gunners with no player scoring more goals in the Premier League since his £56-million switch from Borussia Dortmund.
The 31-year-old's record of 55 goals in 86 league games surpasses the scoring rate of club legend Thierry Henry and after links with FC Barcelona and Paris Saint-Germain, his commitment to a new deal comes as a welcome boost.
"Signing for this special club was never in doubt," he told the club's website. "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."
Meanwhile, head coach Mikel Arteta who's reiterated the importance of retaining the Gabon superstar could not hide his delight after the latest deal.
"It was important for Pierre-Emerick to stay with us. He's a superb player with an incredible mentality," the Spaniard said.
"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."