Wilshere has committed his future to Emirates Stadium alongside fellow internationals Alex Oxlade-Chamberlain, Kieran Gibbs, Carl Jenkinson and Aaron Ramsey.
"We are delighted that these five young players have all signed new long-term contracts," manager Arsene Wenger said.
Confirmation that Wilshere has signed a new deal will be welcomed by Arsenal as they attempt to convince Theo Walcott, whose contract expires in the summer, to also stay.
Liverpool and Manchester City are reported to be monitoring Walcott's situation with the England winger holding out for higher wages and a change in position to striker.
Walcott will have been encouraged by the quintet's decision to sign - especially Wilshere - and Wenger is pleased to have retained a British core within the team.
"The plan is to build a team around a strong basis of young players, in order to get them to develop their talent at the club," Wenger said.
"Jack is certainly the best known, the leader of this group - but the other four players are exceptional footballers, and we're very happy that we could conclude their new deals at the same time.
"Gibbs, Jenkinson, Oxlade-Chamberlain, Ramsey and Wilshere represent a core of the squad and it's an extension for a long period for all of them.
"I'm a strong believer in stability and I believe when you have a core of British players, it's always easier to keep them together and that's what we'll try to achieve going forward."
- Sports & Recreation
- Theo Walcott
- Carl Jenkinson
- Kieran Gibbs