The youngster has been linked with AC Milan and Olympique Lyon in recent months.
He told the Sunday Times: “This is a fantastic experience for me, but I’m an Arsenal player, it is still my ambition to break into the Arsenal team and I hope to do that next season.
“I believe I could play in this Arsenal team, otherwise I wouldn’t be going back. It’s going to be tough, because there are some great strikers at the club, but I can compete for a place.”