Bola, who has helped guide the Under-18s to the FA Youth Cup semi-finals this season, was recently promoted to become a regular for the club’s Under-21s.
A statement on the club's website read: "Everyone at Arsenal looks forward to Marc’s continued development with the club."
While Bola took to social media to reveal his excitement over the new deal, which Arsenal decided not to disclose the length of.
He wrote on Twitter: "Pleased On Signing My First Professional Contract At My Dream Club."
Bola can play as a centre-half as well as at left-back, while Arsenal highlighted his ‘athleticism and aerial prowess’ as key attributes.
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