Injuries to first- and second-choice keepers Wojciech Szczesny and Lukas Fabianski have afforded the Italian the chance to impress, and the 24-year-old has gone on to make four Premier League appearances – keeping two clean sheets in the process, including one against Liverpool.
And Mannone has credited his two loan spells at Championship side Hull City in 2010 and 2012 with making him a better player.
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"It was a good lesson to go out on loan and perhaps learn things the hard way," he told the club's official matchday programme.
"Nothing was given easily to me. I've worked hard, and I thought I did enough last season for something to happen - whether at this club or another.
"When you do the maximum you can in training and on the football pitch, you feel that something positive must happen, and that’s how things are at the moment."
Mannone had been linked with a move away from the Emirates Stadium after growing frustrated by a lack of first team opportunities, with Wenger admitting on Sunday that he came close to sanctioning the goalkeeper's departure.
But the goalkeeper now feels content in north London and has set his sights on become the regular first-choice shot-stopper.
"As the boss said recently, I was ready to go and play somewhere," he continued. "I did some good work last year and think I deserved to be playing football - I couldn't be a No.3.
"Now things have changed and the boss seems happy with how I'm doing at the moment. I'm pleased to give my help to this club again, and will do my best to become the No.1."