Pennant said after Saturday's game: "I think I'll be staying for the rest of the season."
Pennant was given a standing ovation when he was substituted four minutes from time on Saturday, confirming his status as a firm crowd favourite since his debut against Spurs in August.
An extra month would see Pennant play against Liverpool next weekend and be available for the trip to Portsmouth on November 8th.
Arsenal have however, have not given him permission to play in the Carling Cup tie against Manchester United tomorrow week or against themselves at Elland Road in two weeks time.
Pennant has spent three years at Highbury, but has struggled to break into the first team and Arsene Wenger is thought to be more than happy to allow him to continue gaining Premiership experience at Elland Road.