His departure hints at the big changes to come under new manager Unai Emery, who will not only be looking to put his stamp on the playing staff but the coaching staff too.
Today, the club has confirmed that club legend Jens Lehmann has left Arsenal just a year after joining the coaching setup.
Upset with the club's decision, Lehmann vented his anger and sarcastically eluded that they no longer need a coach from the famous 2003/04 season, where Arsenal went undefeated in the league.
The attitude from our 2004-group is not needed there anymore.
Bould's position in Emery's backroom staff provides some continuity from the Wenger era.
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Emery was named Arsenal boss in May, giving the Gunners a first new manager in nearly 22 years, since Wenger's appointment in October 1996.
Steve Bould will remain as first team assistant head coach along with Juan Carlos Carcedo as First Team Assistant Head Coach, First Team Coach - Pablo Villanueva, Strength and Conditioning Coach - Julen Masach, Javi Garcia and Sal Bibbo - Goalkeeping Coaches and Data/Video Analyst - Victor Manas.
"I'm delighted that Granit has extended his contract with us", Emery said.
Long-term Arsenal servants inlcuding Neil Banfield, Tony Colbert, Gerry Peyton and Boro Primorac have also been let go alongside the head of the club's medical services Colin Lewin.