The 20-year-old Wilshere has signed until 2018, while Kieran Gibbs, Carl Jenkinson, Alex Oxlade-Chamberlain and Aaron Ramsey have also agreed deals to extend their contracts by four to five years.
“We are delighted that these five young players have all signed new long-term contracts,” said Wenger. “The plan is to build a team around a strong basis of young players, in order to get them to develop their talent at the club.
“Jack is certainly the best known, the leader of this group – but the other four players are exceptional footballers, and we’re very happy that we could conclude their new deals at the same time.”
Wenger added: “Gibbs, Jenkinson, Oxlade-Chamberlain, Ramsey and Wilshere represent a core of the squad and it’s an extension for a long period for all of them.
“I’m a strong believer in stability and I believe when you have a core of British players, it’s always easier to keep them together and that’s what we’ll try to achieve going forward.”
Wenger earlier this week also said he is hopeful that forward Theo Walcott will sign a new deal with Arsenal, with his current contract set to expire in the summer.
MORE: The latest football news