Arsenal's Mesut Ozil signs new contract through to 2021 - source

Mesut Ozil has ended speculation over his future by signing a new three-year deal with Arsenal, a source close to the player has told ESPN FC.

Ozil, 29, was due to be out of contract at the end of the season but will now be tied to the club until the summer of 2021.

The deal, worth £12 million a year after tax, comes on the same day that Arsenal announced the club-record signing of Pierre-Emerick Aubameyang from Borussia Dortmund.

However, a source said Ozil's decision was not related to the Aubameyang deal but that the German playmaker simply decided he wanted to remain at Arsenal and in London.

Ozil turned down interest from Manchester United, Paris Saint-Germain and Barcelona -- as well as a huge offer from Chinese Super League club Guangzhou worth £25 million a year, the source said.

Ahead of it being officially confirmed Ozil posted from his official Twitter account that he had spent the day "signing things," alongside a picture of him signing autographs.

The deal is worth around £350,000 before tax -- or £230,000 a week net -- which more than doubles Ozil's previous salary and makes him by far the highest paid player in the club's history.

Aubameyang and fellow new signing Henrikh Mkhitaryan reportedly signed deals worth £180,000 a week.

It comes a massive boost to Arsenal following Alexis Sanchez's decision to leave for Manchester United last week, especially with the Gunners languishing in sixth place in the Premier League and eight points off the Champions League places.