Iwobi burst onto the scene last season and scored on his first two Premier League starts for the Gunners. However, the Nigerian's future could have gone a different way if it wasn't for being given a second chance at the club where he came through the youth system.
"I was almost released at 14, again at 16 and just about got a professional contract after that," the 20-year-old forward told 'Standard Sport'.
"Especially at 14, I thought I was very close to not making it. It was stressful as I was going through school, trying to balance that and make sure I was still signed for Arsenal. It was really difficult for me.
"We usually found out in December who might be kept on but I kept on getting the question 'is he good enough?' So they extended it to see if I could do something and it went to March and then April. Luckily I did enough".
The winger went on to explain that he was given the option to leave at 16, but he decided to stay in north London.
"At 16, I got the option to leave but I always felt at home at Arsenal and that was where I wanted to be," he added.
"At 16, there were a lot of good players, a few internationals in the team at a young age so it was difficult for me to stand out in the games.
"They always want the best and I wasn't really up there at that age. The fact that I kept getting chances makes me feel lucky".