The France U21 international has made a total of 43 appearances for the Gunners since joining the club as a 17-year-old in 2008.
Coquelin was part of the Arsenal squad that won the FA Youth Cup in 2009 and made his first-team debut in September of the same year, starting against West Brom in the third round of the League Cup.
The 22-year-old was then loaned out to French side Lorient for the 2010-11 season but returned a year later and quickly became a regular fixture in manager Arsene Wenger's matchday squad.
His Premier League debut was one to forget, coming in the 8-2 defeat against Manchester United at Old Trafford in August 2011 but his ability to operate at both left and right-back saw him make a further 17 appearances that campaign.
Coquelin was rewarded with a new long-term contract in January 2012 and played a further 22 times for the north London club last season.
A brief statement on the Arsenal website said: "Everyone at Arsenal wishes Francis success for his time in Germany."