Arsenal have extended their shirt sponsorship deal with Emirates until 2024, calling it the largest commercial contract in the club's history.

Emirates have been Arsenal's shirt sponsor since 2006 and the current deal runs until 2019. The latest five-year extension "is the largest sponsorship deal ever signed by the club," Arsenal said in a statement.

While the club didn't disclose the value of the deal, it should exceed the £150 million five-year deal they signed with Puma in 2014.

"Our shirt partnership is the longest running in the Premier League and one of the longest relationships in world sport," Arsenal chief executive Ivan Gazidis said. "Emirates is a great partner for Arsenal -- a world-class brand with a truly global reach. The airline plays a significant role in our ambitions to extend our influence and following around the world. The new deal, extending our shirt partnership until 2024, underlines how much both organisations value and benefit from the relationship."

Emirates have also held the naming rights for Arsenal's stadium since it opened in 2006, a deal which has already been extended until 2028.