Sources: Mikel Arteta agrees a new long-term contract extension with Arsenal

Arsenal are expected to announce Mikel Arteta has signed a new long-term contract after the team and the 44-year-old manager agreed on terms, sources have told ESPN.

Arteta's current deal expires at the end of the season, but the Spaniard has repeatedly stated his intention to remain at the club he joined in December 2019.

Sources say all parties have been relaxed about the situation for several months with an agreement likely to be finalized during a pause in the domestic campaign.

Arsenal do not play again until Oct. 10 as a result of the newly extended international break and confirmation that Arteta has signed a new contract could come before then.

The Gunners declined to comment when contacted by ESPN but Arteta is set for a significant pay rise on his current salary which sources say can reach £15 million ($20M) with bonuses.

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"I'm extremely happy and I feel very grateful to work with the people I work with," said Arteta when asked about his contract situation last week.

Arteta ended Arsenal's 22-year wait for a Premier League title in May and last month, he registered his 150th league win from 249 games -- only Pep Guardiola, Jose Mourinho, Jürgen Klopp and Sir Alex Ferguson have achieved the milestone quicker.