Mikel Arteta, manager of Arsenal, has signed a three-year contract extension with the club until 2027, the Gunners announced on Thursday.

ESPN reported that Arteta will receive a significant increase in his salary, which is currently nine million pounds (about $11.8 million) per year. He began his managerial career with the club in 2019 and has led them to 139 wins, 39 draws and 57 losses over 235 matches in all competitions.

Arteta helped Arsenal win the FA Cup in the 2019-20 season and the Community Shield in both 2020 and 2023. They finished as Premier League runners-up in the past two campaigns.

"I feel extremely proud, very excited and am looking forward to what is coming next. I'm proud to be where I am and have the relationships that I have with everyone at the club," Arteta said in a statement. "I feel extremely lucky to work every single day with good people and the ambition we have here. I feel very inspired, I feel challenged, I feel supported and I want to do much more than what we've already done together."

"Mikel is a dynamic and passionate manager, who is relentless in the pursuit of excellence," Arsenal's co-chairman Josh Kroenke said. "He has a deep understanding of Arsenal's values, and since joining us as Head Coach in December 2019, he has taken the team to another level in an Arsenal way."

Arsenal will go through two challenging weeks as they play Tottenham Hotspur and Manchester City, both on the road in the Premier League, and begin their UEFA Champions League campaign in Italy against Atalanta.

Meanwhile, captain Martin Odegaard may be sidelined for weeks due to a right ankle injury, star midfielder Declan Rice is suspended for the game against Spurs and newly-signed Mikel Merino has suffered a shoulder fracture.