The Spain Under-21 international became the third summer signing at the north London club last week after Ceballos opted to complete a loan move to Arsenal.
The Real Madrid starlet decided to move to Arsenal despite interest from their bitter rivals and Champions League runners up Tottenham Hotspur in his signature.
Ceballos will be hoping to have a bigger impact on the Arsenal team than his compatriot Denis Suarez who flopped during his six-month loan spell from FC Barcelona last term.
The new Arsenal signing is from the same Spanish town as Reyes called Utera, which has proven to be a hotbed for talented midfielders.
The former Gunners striker died in a car crash at the age of 35 last month after a distinguished career in the Premier League and La Liga.
Ceballos revealed that he spoke to Reyes’ father about a potential move to Arsenal this summer.
“This is a historic club that I’ve always looked out for because of Jose Antonio Reyes, who is from the same town as me and played here,” Ceballos told Arsenal’s website.
“He made history at this club, winning the league title, so it’s an important step in my career for me to join Arsenal.
“I spoke to his father just before coming here and he told me not to think twice because this is a wonderful club. Jose had a fantastic time here.
“When I came into the training ground I saw a picture of him and it really struck me because he’s like my childhood idol.
“Being at the club where he made a name for himself is a big step forward and I hope to make this club even bigger.”
Arsenal have also signed Brazilian teenager Gabriel Martinelli and Saint-Etienne defender William Saliba in the summer transfer window.
The Gunners finished in fifth spot in the Premier League table last term before a disappointing 4-1 loss to Chelsea FC in the Europa League final.
MORE: Man United latest news
MORE: Arsenal latest news
MORE: Chelsea latest news
MORE: Liverpool latest news