The 26-year-old arrived at the north London side from Ligue 1 club Lorient in 2010 and came under criticism for his performances.
Last season saw the France international become one of the club's outstanding defenders and despite interest from the Catalan giants, he wants to remain under the guidance of manager Arsene Wenger.
When asked if he knew about interest from Barcelona, Koscielny told L'Equipe: "Yes of course and frankly it is flattering..
"But at Arsenal I have everything; I have a great training centre, a wonderful stadium and an amazing group.
"I am so happy to have signed a new contract until 2017. It means a lot, notably that the club has a lot of trust in me.
The Frenchman also stated that his ambition is to emulate the success that other French players that were at the club before him.
"I really want to grow here as Thierry Henry, Patrick Vieira and some others did,” Koscielny added.
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