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It comes at a time when his existing deal is due to expire in the summer.
However, according to The Mail, Arsenal have now taken the option to extend his deal by a further 12 months, doing so before the clause expired at the end of December.
Since breaking through into the first team in 2018, Saka has established himself as a regular in the Gunners’ forward line.
He has contributed 30 goals and 35 assists in 153 appearances for the club.
And his sublime displays have seen him become a trusted lieutenant for England manager Gareth Southgate – already racking up 24 caps.
He netted three times at the Qatar World Cup and was one of the Three Lions’ standout performers.
Upon returning to Arsenal, he has scored in both of their games since the domestic season resumed – with Mikel Arteta’s men beating West Ham and Brighton.