According to the club, the striker has signed a long term deal which has ended hopes of other European suitors hoping to sign him on a free at the end of the season.
Balogun said: "My ambitions for next season are to make an impact in the first team. I see it as something that I've taken upon myself to be able to go over there and make an impact, not just be one of the numbers.
"I want to be somebody who eventually leads that group, so I would say I have quite driven ambitions. We'll see if I can make them happen."
Just so you know, Mikel Arteta handed Balogun a senior debut this season, with his bow made in a Europa League clash with Dundalk in October 2020, while a first goal for the Gunners was scored in another continental outing against Molde in November.
Arsenal's technical director, Edu, told the club's official website on getting Balogun tied to fresh terms: “It’s great that Flo will continue to be with us.
"He is a very promising young talent and has already shown so much quality in his performances. We are all looking forward to working with him during his continued development in the coming years.”
Gunners boss Mikel Arteta added: "We have been extremely impressed with Flo this season.
"He has continually shown his natural ability in many training sessions with us and we have been equally impressed with his early integration into the first-team squad on matchdays.
"He has given us glimpses with the performances and of course with his two goals already for the first team. The hard work starts here for Flo and we are all looking forward to supporting and working with him in the years to come."
Balogun has scored eight goals in 18 appearances in the PL2 and EFL Trophy this season, with two in six managed at first-team level.
Following the announcement of his contract extension on he took to his social media space to express delight about the deal.
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