The Welshman has been rewarded with an 85,000 pound-a-week deal and the Spain star has extended his stay until 2017, while the teenager has signed his first professional contract.
Ramsey has penned a new 85,000 pound-a-week deal that lifts him into the second tier of earners at Emirates Stadium, alongside fellow British stars Jack Wilshere and Theo Walcott. Ramsey's current deal runs until 2018 and is worth £60,000-a-week.
“I'm delighted to have signed a new contract. I've been here for six years and I'm so happy," Ramsey told the club's official website. "I think we've shown so far this season what we're all about and the direction that this club wants to go in. I want to be a part of that, and to be a part of something special at Arsenal.
"We have a great team which we believe can achieve great things.”
Cazorla has committed to a contract that extends his agreement with the club by a year until 2017 and increases his wages to £80,000-a-week.
“I'm so happy to have signed a new contract with Arsenal. This club makes me very happy - the manager, my teammates, the fantastic supporters, the stadium and the whole organization here,” said the Spaniard.
"I have had a great time with the club since joining nearly two years ago, and I think that we can be a big player in competing for the top trophies in years to come and that's important for me.
“I have already had lots of good moments here and hopefully there will be many more to come.”
The two established stars have been joined by highly rated rookie Zelalem, who has signed his first professional contract. The midfielder, 17, has already made his first-team debut and is regarded by staff as a future Arsenal regular.
“We are very pleased that Santi Cazorla, Aaron Ramsey and Gedion Zelalem have committed their futures to the club," said Wenger.
"Cazorla and Ramsey are absolutely key players for us, and this news is a boost to the whole club. Gedion is very young of course, but he has shown already that he has fantastic promise, and we all look forward to his development with us."
Ramsey's fresh terms are a reward for his outstanding performances in the 15 months since penning his last agreement.
The midfielder, 23, was Arsenal’s outstanding player in the first half of the season but has been sidelined since Boxing Day with a thigh problem, which he aggravated when he returned to full training at the end of January.
Cazorla, 29, has been a vever present in Wenger’s team since joining from Malaga in the summer of 2012. He has played principally on the flanks following the £42.5 million club-record signing of Mesut Ozil last August but he is considered by Wenger to be crucial to his side’s style of play.