The 28-year-old has started in all but three of the Gunners 29 league games this season, creating a formidable partnership with Per Mertesacker which has kept captain Thomas Vermaelen on the bench.
The France international signed a contract extension in the summer of 2012, believed to be a five year deal.
But Arsenal have rewarded Per Mertesacker, Tomas Rosicky, Aaron Ramsey and Santi Cazorla with extensions and improved wages and look set to increase Koscielny's £50,000 a week deal.
Since joining from Lorient in the summer of 2010 for a fee in the region of £8.5million, the Frenchman has established himself as one of the most highly rated defenders, with the fourth most interceptions in the Premier League this season.
He looks set to feature for France in this summer's World Cup in Brazil.