The 26-year-old blossomed into the club's outstanding defender last season after arriving at The Emirates from Ligue 1 side Lorient in 2010.
His improved displays were also noted by the Catalan outfit who are seeking to reinforce their defence before the start of the La Liga campaign.
However, the France international wants to stay at Arsenal, where he has "everything".
"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", he told L'Equipe. "In 2017, I will be almost old."
Despite failing to retain their La Liga title and falling short in the Champions League last year, Barcelona are still largely regarded as the best team in the world.
When asked if he was aware of their interest, Koscienly added: "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 really want to grow here as Thierry Henry, Patrick Vieira and some others did."
?I wonder if Messi has had any sort of influence on this. In the last CL Arse-Barca game Koscielny had the best defending display I have seen so far against the Argentine.- frogooner
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