Manager Mikel Arteta says this is "only the beginning" of Arsenal's success after signing a new contract with the Premier League champions until 2030.
BBC Sport reported earlier this month that an agreement had been made on an improved new contract.
The Spaniard's deal was set to expire at the end of this season, with his time in charge of the Gunners now possibly stretching to a decade following his arrival in December 2019.
Atletico Madrid boss Diego Simeone is reportedly paid over £20m per year, as was former Manchester City manager Pep Guardiola - both of whom Arteta benchmarked his worth against.
The new contract includes an increase from his current salary of £10m per year plus an additional £5m in bonuses.
"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," Arteta said.
"We have already built a special bond and created memories that will last a lifetime, and what is so exciting is that this is only the beginning of what we can achieve together."
The 44-year-old has won a Premier League and FA Cup in charge of Arsenal, losing the Champions League final against Paris St-Germain in May.
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