The 21-year-old, who joined the Foxes on a short-term deal in August, said that he wants to use his time in the Championship to force his way into Arsene Wenger's first-team plans.
"Life at Leicester is brilliant," Sky Sports News quotes the Spaniard as saying. "I've got an apartment here and the lads have been great to me. I could not ask for anything else.
"I have to focus on Leicester and be ready for next season at Arsenal.
"I got lucky coming to Leicester as you can see they like to play. I think we showed we can be in the Premier League and if we can keep playing like this we have a great chance of being there."
The Spanish Under-21 international joined the Gunners from UE Cornella in 2008 and signed his first professional contract two years later.