The Egyptian, who joined the North London club in January 2016 from Swiss club Basel for £5million, has one year left to run on his current contract at the end of this season.
Elneny is desperate to be part of the rebuilding job under manager Mikel Arteta.
“Elneny has never thought about leaving. He is happy with Arsenal and Arteta trusts him."
No official talks have yet begun about a renewal but it is understand both parties are happy with the situation and the club have been impressed with his displays this term.