Defender Craig has already made two substitute appearances for Neil Banfield's reserve team despite being just 16-years-old.
Craig, who has been at the Club since the age of 12, also made three appearances for the Under-18s last season.
"He is not the strongest physically so we will need to be patient with him," said Arsenal's Head of Youth Development, Liam Brady. "But he's another player who can play in a number of positions. He's good on the ball, a tough lad, and he'll probably be our number one choice at right back in the Under-18s this season."
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