The 19-year-old made the move to Emirates from Southampton in the summer of 2011 in a deal that could rise to £15million.
At the time though the Gunners faced competition for his signature from Manchester United, with boss Sir Alex Ferguson a long-term admirer of the England winger.
Chamberlain admits he was flattered by the interest shown in him by two of the game's biggest clubs.
However, his boyhood club Arsenal were always going to be his first choice and it was a dream come true when he finally made the switch.
He told Sport Magazine: "I always favoured Arsenal. It's a massive club and I've loved the way they've played football and brought players through.
"It was a bit surprising [that Arsenal and Manchester United wanted to sign him] at first, because I used to watch all these clubs on Match of the Day every week and dream of coming to a massive club like Arsenal.
"But my parents never let me get carried away, and at the same time I had a lot of respect for all my teammates at Southampton."