The deal, signed on Wednesday, follows months of speculation about the future of the 29-year-old Germany global, whose previous deal was due to expire at the end of the season.
The midfielder becomes the highest-paid player in the club's history - earning about Sh 50.6mn (£350,000) a week before tax.
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The north London club have been busy in the January window, with winger Alexis Sanchez joining Manchester United in a swop deal for Henrikh Mkhitaryan, before Pierre-Emerick Aubameyang signed from Borussia Dortmund for a club record fee. The MLS outfit have maintained their interest in him, however and it is understood he has agreed a deal with them to join them ahead of the new season Stateside in March.
Ozil's current deal was due to expire this summer, and the former Real Madrid man had been linked with moves away from the club in the last few months.
All this comes with the news that Aubameyang has officially been announced as an Arsenal player via the club's Twitter feed and website.
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The fixture at Wembley is an excellent litmus test for Sanchez, an early signifier of what he can bring to Manchester United . Jose Mourinho priased Alexis Sanchez following his debut for Manchester United in their FA Cup match against Yeovil.
German newspaper Bild claims that the arrival of Aubameyang will convince Ozil to stay at the Emirates Stadium with his contract ticking down at the end of the season.
After well over a year of speculation, we finally have confirmation that Mesut Ozil will stay at the club.
"I am not close enough to be optimistic but not far enough to be pessimistic".
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The apps submitted for approval are tested with improved machine learning models, and are flagged for potential violations. He also highlighted new detection models and approaches that can identify repeat offenders and abusive developer networks.