Fans can now relax, however, as the 31-year-old will remain the spearhead of Mikel Arteta's rebuilding project at the Emirates Stadium for the foreseeable future, with the forward now expected to earn somewhere in the region of £250,000 ($320,000) per week as part of his new deal.
Whilst the signing of a backup keeper mightn't excite the fanbase too much, Arsenal and Arteta know all too well the importance of a reliable understudy, having watched Martinez come in for the final games of the season and flourish.
Arsenal head coach Mikel Arteta now has a very big squad that will have a lot of players that will want to take part in matches and we today take a look at two players that will give him squad choosing headache when they become fit to play. It's the time to work a lot but for sure I will give my best, as always'. "I am really optimistic, yes".
Arsenal captain Aubameyang announces new deal on live video
"I can't wait to see you in this handsome stadium again". He's a superb player with an incredible mentality.
Arteta added on the club's official website: "It was important for Pierre-Emerick to stay with us".
Shkodran Mustafi was one of the best centre backs at Arsenal since Mikel Arteta took charge and the Spanish coach has also shown that he likes the German defender as he has started him in all matches that find when he's fully fit to play as he wants ball playing centre backs. "He can achieve that here".
While technical director Edu said: "It's clear Auba loves the club and everything we stand for on and off the pitch". He is a hugely important figure in the dressing room and is described by team-mates as a leader by example on the training ground.