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After signing a fresh four-year contract in April, Mitchell expressed his delight at extending his stay with the Eagles.
He said: “I’m delighted. It’s a great place to be and an exciting time, so I’m delighted to sign a contract.
“I can see, especially with the Academy building now and Academy players coming through, it’s a great time.”
With Mitchell an unlikely option, Arsenal will likely at least test the waters as part of a crucial transfer window for the club.
Arteta’s side slumped to an eighth-place finish in the Premier League this season, so the Spanish manager will want to strengthen his squad in key areas.
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