The 27-year-old Frenchman, who joined the Gunners from Montpellier two years ago, has two years remaining on his current deal at the Emirates Stadium.
Giroud scored 22 goals in 51 games for Arsenal during the 2013-14 campaign.
"I have two years left on my contract, but we are in negotiations to extend. For now, I am here. There are many great things to do," he told footmercato.net.
Giroud found the net twice on Tuesday as France beat Norway 4-0 in their World Cup warm-up match in Paris.