The Frenchman endured a testing 2016-17 campaign, with protests staged against his reign as he approaches 21 years of loyal service.
Iwobi has welcomed the fresh terms, with stability and continuity vital at Emirates Stadium as the Gunners look to chase down a first top-flight crown since the ‘Invincibles’ of 2003-04.
The Nigeria international told The Sun: “I’m backing Arsene Wenger to win the league title at Arsenal again.
“There won’t be a single player in our dressing room next season who will not fight for him. We’d run through brick walls for the boss.
“I’m pleased because he really is Mr Arsenal, isn’t he? He has made it the great institution it is today.”
Iwobi added: “Unfortunately, he has not tasted a Premier League title since 2004, but look what he has achieved in his time here.
“Even last weekend, he became the manager who has won the FA Cup seven times - more than any other.
“I’m happy he’s staying - so are the rest of the lads - because it’s good for the club, good for the team.”
Iwobi has been a first-team regular at Arsenal under Wenger’s guidance, with 38 appearances made across all competitions in the 2016-17 campaign – with those outings delivering four goals.