He has now been rewarded for his form this season with a new long-term contract, although the exact length has not been disclosed.
With his future in North London secure, the 30-year-old outlined his intention to see out his playing days with the Gunners.
"I am very happy," Almunia told the club's official website.
"I have extended my contract and I hope to be here for a long, long time.
"I talked to my wife and I said I did not want to go back to Spain to play. Hopefully I can finish my career here.
"Football can change your life in one second. At the start of the season, I was not playing.
"But football changed my life again and now I am one of the happiest men around."
