The defender has been a prominent member of the youth side since joining from Barcelona in 2011, where he was mainly used as a midfielder.
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This fine form was enough to earn him a call-up to Arsene Wenger’s first team squads for last season’s Capital One Cup matches against Reading and Coventry City, while he also caught the eye during the Gunners’ NextGen campaign.
Bellerin is currently in Lithuania as one of only two foreign-based players in Spain’s under-19 side, who will be competing in the 2013 European Under-19 Football Championship, which begins on July 20.
The news comes 24 hours after fellow youngsters Zachari Fagan and Anthony Jeffrey signed their first professional contracts with the Gunners, while striker Zak Ansah put pen to paper on an extension.