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.”