The deal ties the Spanish international with the Gunners until 2022.
The 21-year-old already had a contract until 2019, but the North Londoners were keen on giving him an improved deal which would discourage any suitors.
The club did not reveal details of the deal, however it was gathered that Bellerin had agreed a six-year deal worth £95,000 a week, almost doubling his current wages.
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Yess Gunners!! I’ve just signed my new contract. I’ll be giving all my reaction right now on my Snapchat (@HectorBellerin) & a giveaway❤️ pic.twitter.com/xiZuD11wMD
— Héctor Bellerín (@HectorBellerin) November 21, 2016
The Spaniard joined the club in 2011 and has established himself as the club’s first-choice right-back.