ART OF THE DEAL! Arsenal boss Arteta 'receives bumper pay rise' as Emirates favourite reaches NEW contract agreement

Mikel Arteta has reportedly reached an agreement with Arsenal to sign a bumper new contract at the Emirates Stadium. His current deal in north London expires at the end of the current season.

However, fresh terms between the Gunners manager and the club have been agreed, and he is set to sign a new deal, according to the BBC. Moreover, his new terms are set to include a sizeable pay rise from his current £10million-per-year deal, which includes an additional £5m in bonuses.

It's unclear as to how long the contract will be, but it's believed it will take Arteta, who was appointed as manager in 2019, into his tenth year of service.

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Last week, Arteta was asked about contract talks with the club. He replied: "They [the fans] don't have to worry about any of that because I want to be here. I'm extremely happy and I feel very grateful to work with the people I work with."

Arsenal co-chairman Josh Kroenke also made it clear at the start of June that the club would do everything they could to ensure Arteta remained in north London.

Shortly after the Gunners won the Premier League, the American said: "Keeping Mikel around is [an] utmost priority. I think the good news for Arsenal fans worldwide is he's enjoying the project.

"He's enjoying being here and from his time as a player all the way up until now, he's an Arsenal man through and through."

He also added: "If there is a singular person you can trace this all back to, I'm going to give 100% credit to Mikel, his staff and the players.

"Those are the ones. As much as Mikel is putting together our tactics, the players have got to go play the games, they've got to go and win for you."

Last year, Arsenal ended their barren 22-year run without a league title and were a penalty shootout away from winning the Champions League. They also got to the final of the League Cup, only to lose 2-0 to Manchester City at Wembley Stadium.

The north Londoners have started the new campaign well, winning all but one of their matches in all competitions. Their winning start was ended last weekend by Brighton and Hove Albion, who secured a shock 3-0 victory on the South Coast.