Nigerian star Iwobi ended a 15-year spell with the Gunners this summer as he joined Everton on Deadline Day.
He made 148 senior appearances for Arsenal but was not considered a regular first-choice starter under Unai Emery.
Speaking about his move to Everton, he told the club website: “The offer was too attractive for me to turn down.
“The manager was telling me: ‘There is a spot for you, we will take care of you’. Basically, all the things you want to hear as a player.
“He has given me the confidence I will do well. I am ready for a new challenge and chapter in my life. I always had that youngster tag at Arsenal, so hopefully with this move I am able to make a name for myself in the Premier League and create history with Everton.
“Hopefully I will be able to take on a bit more responsibility and add something to the team as well.”
Iwobi, who did not feature in the 0-0 draw against Crystal Palace on Saturday, was Everton’s seventh summer signing, with Moise Kean and Jean Philippe Gbamin among the other additions.
“It is exciting times for Everton,” said Iwobi. “I was able to look at the transfers and players they have brought in – some great talent.
“It is not just me. There were quality players here before and they are still here.
“The manager has worked with Richarlison for a long while and made a name for him. “Hopefully he can do the same for not just me but Moise Kean and a few others who came in, too.”