The 20-year-old has ended speculation over his future by signing a new deal with the Gunners on Thursday.
Smith Rowe had attracted strong interest from Aston Villa earlier this summer with Arsenal turning down multiple offers from their Premier League rivals.
The midfielder has now been rewarded with a new long-term contract and has been handed the No.10 shirt by Arsenal after it was vacated by Ozil in January.
After taking the iconic number, Smith Rowe has given a special mention to Ozil and has said how training alongside the 32-year-old, who now plays for Fenerbahce, had a positive impact during his development.
‘Everyone knows that No 10 is a big shirt and it is definitely a big position as well. So I’m buzzing to be honest, I can’t wait to get on the pitch,’ Smith Rowe told Arsenal’s official website.
‘It’s really special – I can’t explain the feeling when I found out. I’ve not really got the words to explain it right now! But yeah, I’m really happy.
‘The legends that have played here and have worn the shirt… it’s a bit too much right now but I’m sure I will calm down after a while!
‘When I was younger I used to watch Dennis Bergkamp, and when I was going through the academy Mesut Ozil was here as well and getting the opportunity to train with him and play with him as well was unbelievable.
‘I just want to keep working hard and hopefully I can play like them and replicate what they’ve done.’
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