The 23-year-old had been tipped to achieve great heights under the new Gunners boss but eventually, he thought his future would be in more safer hands at Goodison Park.
And speaking after the transfer was made official, Toffees boss Marco Silva revealed Alex Iwobi was on the transfer wishlist for Everton ever since the start of the summer.
“Alex was one of our main targets for this window and I believe he is a fantastic signing for Everton,” Silva explained.
“He is a direct and skilful winger and attacking midfielder who always works very hard for his team.
“He is still young but already with a lot of top-level experience – 100 Premier League matches, more in Europe and many international games.
“It was important for me to have one more quality option for our attacking positions to add to what we have with Richarlison, Bernard and Theo Walcott.
“Alex fits exactly the profile of player I want in my model. He is hungry to join Everton and take the next step in his career, to help us compete with the strongest teams in the league and reach his potential at our club.”
Last season, Alex Iwobi featured in 35 Premier League games for the North London side managing to score 3 goals and provide 7 assists.
But a source close to the 23-year-old has revealed that he chose to leave Arsenal because he wanted to play regularly next season along with a desire to play in central midfield.
“He left because of his desire to play in his preferred position in the centre of the midfield,” a family member of Alex Iwobi told The Cable.
“And also to play regular football at Everton.”
“Everton is an ambitious club with a long tradition and he desires to be part of the history going forward.”