"I'm delighted Calum has extended his stay. He played an important role last season and will be part of my plans this season," Arsenal's new head coach Unai Emery was quoted as saying by BBC.
The 23-year-old has made 48 appearances for the Gunners since joining from Southampton in 2014.
The centre-back has also won three caps for England.
"I want to give my very best to this great club," said Chambers.
"Thanks to the new manger for showing faith in me and I'm looking forward to the big season ahead.
"I promise to repay the fans for the support they've given me."
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