Iwobi, 23, signed a five-year deal with the Toffees after the clubs agreed an initial £28million deal, which could rise to £34m with add-ons.
After starting his career with the Gunners and working his way through the youth ranks, the Nigeria international winger went on to make 149 senior appearances for the club, scoring 15 times.
He was a regular member of Unai Emery’s squad last season, featuring in 35 Premier League games, but said the chance to join Everton was too good to turn down after talking to manager Marco Silva and Director of Football Marcel Brands.
“I spoke to the manager and Marcel and they almost lured me in,” Iwobi told evertontv .
“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.
“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.”
Iwobi was the club’s final signing of a busy window, which saw seven new players join Silva’s squad, including Andre Gomes, Moise Kean and Fabian Delph.
And Iwobi is hoping that the Toffees manager will be able to help him grow in a similar way to Richarlison, who enjoyed an excellent first season on Merseyside after following the Portuguese boss from Watford .
“It is exciting times for Everton,” added Iwobi, who did not feature in the 0-0 draw with Crystal Palace on the opening weekend of the season.
“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 [the summer] 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.”