Manager Mikel Arteta says this is "only the beginning" of Arsenal's success after signing a new contract with the Premier League champions until 2030.

BBC Sport reported earlier this month that an agreement had been made on an improved new contract.

The Spaniard's deal was set to expire at the end of this season, with his time in charge of the Gunners now possibly stretching to a decade following his arrival in December 2019.

Atletico Madrid boss Diego Simeone is reportedly paid over £20m per year, as was former Manchester City manager Pep Guardiola - both of whom Arteta benchmarked his worth against.

The new contract includes an increase from his current salary of £10m per year plus an additional £5m in bonuses.

"This club is unique, its character and the way it makes you feel, and I have a great sense of privilege that our journey together will continue," Arteta said.

"We have already built a special bond and created memories that will last a lifetime, and what is so exciting is that this is only the beginning of what we can achieve together."

The 44-year-old has won a Premier League and FA Cup in charge of Arsenal, losing the Champions League final against Paris St-Germain in May.

Arteta stay provides 'competitive' edge

Guardiola's departure from City at the end of last term made Arteta the longest-serving manager in the English top flight.

And the Gunners' chief executive, Richard Garlick, believes that factor will provide them with a "competitive advantage over the other teams" in the league.

"Mikel is the only manager that's won the Premier League that's currently managing [in it]," he said.

"You look at all the other teams in the sort of traditional top six, and they've all gone through managerial changes.

"We've now got a manager who's been with us for a significant period of time and has been allowed to build and develop a team over a period of time.

"The excitement now is we see [the] platform that we've got and we build from there."

With Arsenal targeting a period of sustained success, Garlick added: "We can't stand still. We can't sit there, pat ourselves on the back, and say job done.

"This is the beginning, not the end of our journey. This is where we want to go on and show the confidence that that win is going to bring to us.

"We want to dominate football for the next number of years. We're in a really strong position to do that, but we need to keep finding that edge that gives us that advantage."

Arteta wants to build a dynasty - analysis

News of Arteta's new deal at Arsenal won't come as a shock.

The fact his previous deal expired at the end of the season did put a slightly greater emphasis on the speed of discussions than normal.

But Arteta has been transparent about his desire to stay at the club beyond the end of this campaign.

Dynasty building is what has driven Arteta's decision. Winning Arsenal's first Premier League title in 20 years last season is viewed as just the start.

Coming within a penalty kick of winning their first Champions League trophy came as a gut-wrenching blow - but also a huge motivation.

"We share a special bond with Mikel. We are so proud of everything we have achieved since he returned to the club in 2019," co-chairmen Stan and Josh Kroenke said.

"He has a deep understanding of Arsenal's values and carries them in his heart. He knows what this club means to everyone connected to it and is committed to building on everything we have achieved together."

With that in mind, there was never a sense Arteta was preparing to walk away from the team he has built to become one of the best in European football.

So with a deal for their manager to stay now agreed, the foundation of Arsenal's recent revitalisation into a footballing force remains in place.

Does more history beckon? Arteta is committed to finding out.