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The Gunners were one of 12 clubs to commit to entering a new breakaway competition that they hoped would rival the Champions League.
However, fan backlash and outcry from figures inside and outside the game has forced a dramatic U-turn.
“As a result of listening to you and the wider football community over recent days we are withdrawing from the proposed Super League,” a club statement read.
“We made a mistake, and we apologise for it.”
The news follows Manchester City, who became the first club to officially pull out, and came at the same time as similar statements from Liverpool, Manchester United and Tottenham.
Chelsea are also set to walk away leaving the plans for the new 20-team competition in tatters.