In the wake of the defeat, Saka received racist abuse online and Arsenal have condemned their player being targeted.
The club say they will support the 19-year-old, who came through their academy, and have called on social media companies to do more in combating abuse.
“Last night, we saw Bukayo Saka reach the Euro 2020 final at the age of 19 years old,” a statement from Arsenal on Monday morning read.
“Bukayo has been with us since he was seven and the whole club couldn’t have been prouder to see him represent England throughout the tournament. You could feel it right across the club.
“Last night we witnessed the leadership and character we’ve always known and loved in Bukayo. “However, this feeling of pride quickly turned to sorrow at the racist comments our young player was subjected to on his social media platforms after the final whistle.
“Once again, we are sad to have to say we condemn the racism of a number black players. This cannot continue and the social media platforms and authorities must act to ensure this disgusting abuse to which our players are subjected on a daily basis stops now.
England Lose Euros Final, James Robson Reports
“We have processes in place internally at Arsenal to ensure our players are supported both emotionally and practically on this issue but sadly there is only so much we can do.
“Our message to Bukayo is: hold your head high, we are so very proud of you and we cannot wait to welcome you back home to Arsenal soon.”