The 31-year-old's long-term future has dominated Arsenal's transfer talk throughout the ongoing window, with his previous deal due to expire in 2021.
However, he has now officially put pen to paper to extend his stay at the Emirates Stadium until 2023.
Aubameyang took over the Arsenal captaincy from Granit Xhaka midway through last season and has finished as the club's top scorer in the past two years.
"I signed da ting because I want to become an Arsenal legend," Aubameyang said during an Instagram Live video to reveal the news.
The Gabon international, whose deal is thought to be worth around £250,000 per week, went on to refer to Arsenal as his "home".
Aubameyang has scored 72 goals in all competitions since making his debut for Arsenal in February 2018 - more than any other Premier League player.