The 33-year-old Spanish midfielder joined the north London club from Everton in 2011 and has since made 136 appearances -- winning the FA Cup in 2014 and 2015.
"He will stay with us for one more year because he has extended his contract," manager Arsene Wenger told the club's official website.
"He's one of the leaders in the club because he's the captain of the team. I expect him to contribute much more than last season but he also faces a battle.
"With the number of games we have ahead, we could use his experience, his desire and his quality as it will be vital for next season."
Arsenal will compete in the Community Shield against Premier League champions Chelsea at Wembley Stadium next month.
(Reporting By Tom Hayward, editing by Alan Baldwin)
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