The Italian has been with the north London outfit since 2006 but, after a loan spell at Championship side Hull City last season, had been expected to depart the Emirates Stadium this summer.
However, injuries to first-choice shot-stoppers Wojciech Szczesny and Lukasz Fabianski have necessitated Mannone's appearances this term, and he now hopes to repay manager Arsene Wenger's faith.
"At the moment I am really happy and just focusing on training and playing well," Mannone told the club's official website.
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"I am loving every minute of each game. West Ham was a great win in a tough place and I was happy to give my contribution.
"The boss has given me my chance. I have to keep going and prove myself in every single game. This is my best time at Arsenal so I would be crazy not to take the chance to put up a fight for my place.
"I just want to tell everyone I am just trying to do well and give something back to the fans who support the team as well as the boss who has given me the chance."