Mikel Arteta (left) has been at Arsenal since 2019 while Jonas Eidevall joined last summer
Arteta was appointed in December 2019 and his new deal runs until the end of the 2024-25 campaign.
Eidevall joined the London club last summer and his contract extension takes him to the end of the 2023-24 season.
Arsenal director Josh Kroenke, whose father Stan owns the club, said the deals provide "stability and clarity for the future".
Arteta has guided his side to fourth in the Premier League as they try to secure a Champions League spot.
"We want to take the club to the next level and to compete really with the top teams," said the Spaniard. "In order to do that, we have to be playing in the Champions League.
"We have to be able to evolve the team, improve our players, improve all departments, generate even more connection with our fans, improve the atmosphere at the Emirates, be able to recruit top, top talent and the best people for this club to drive this project to that level."
Eidevall's side are in contention for Women's Super League title going into the final game on Sunday. with the Gunners one point behind leaders Chelsea.
"It's great," said the Swede. "It allows me to continue to work for a club that I love so much and be around people that I really, really like, and to be able to achieve things together, so I'm really looking forward to that."
Josh Kroenke added: "Mikel's commitment and passion are clear for everyone to see. We are confident that as we move forward, he will get us back to competing for the top trophies in the game.
"Turning to Jonas, he has had a fantastic start to his career in England. He has done a terrific job with the team, and we are in contention for the title on the last weekend.
"We are confident that he will continue to take us forward in the years ahead."
-- Courtesy of BBC Sport