The German has reportedly extended his stay at the Emirates Stadium until 2021.

January has gone from being one of the worst transfer windows to possibly the best for Arsenal fans. The North London side has made two quality signings in the form of Henrikh Mkhitaryan and Pierre-Emerick Aubameyang, but the best news was saved for last.

Mesut Ozil has signed a new contract at Arsenal. This is according to several reliable sources which claim he has agreed to a new three-and-a-half year deal at the Emirates Stadium.

David Ornstein of BBC Sport writes that the German put pen to paper on his new deal on Wednesday. The Independent, on the other hand, claims that the contract has not yet been signed but has been agreed upon by the World Cup winner.

Whether it happens today or a few days later, this is a huge boost for a side that appeared destined to lose him for free. The 29-year-old was set to be out of contract in summer, with Man United tipped as favorite to sign him up in a Bosman transfer.

Wondering why Gooners are happy about Ozil's new deal? Here's why:

He will thus remain with Wenger’s side until 2021. Additionally, he is now the club’s highest-paid player and will become one of the highest earners in the Premier League. The former Real Madrid ace will pocket $496,000 (£350,000) per week before tax.

Club record signing Aubameyang was a sign that the League Cup finalist has a bright future, which was a huge factor in convincing Ozil to stay. Now, the Gunners can unleash Mesut, Henrikh, and Pierre-Emerick on other teams for seasons to come.