The full-back spent a day with the Gunners and was offered an "incredible contract" by the club but opted to remain at the Amsterdam ArenA and try to replicate his father, Danny, who captained Ajax.
Blind, who also turned down advances from Atletico Madrid in 2013, eventually signed for Manchester United last summer to be reunited with former Netherlands manager Louis van Gaal.
"I had the chance to move to London at a young age. I was in the Ajax academy and one day I came home from school," he told Helden. "I thought they were taking the mickey. It was my dream to be a player in the first team of Ajax but we went to Arsenal.
"We were there for a day. It was great. They offered to sort out everything for my schooling, so I could get my A levels. They also offered me an incredible contract, especially for a boy of my age. Ajax offered me a contract too at the same time.
"The money was nowhere near what I could earn at Arsenal. My dad left it up to me and I decided to stay at Ajax. I let a lot of money slip away then. I can understand why some players, whose families need the money, say yes to clubs of Arsenal’s size.
"I said no, partially because I was lucky to have everything I needed at home. The other reason I decided to say no, was that secretly I wanted to follow in the footsteps of my dad, Danny. He had been captain of Ajax, won every trophy in the world with them."
Blind admits he regretted the decision after failing to get a run in the first team under Martin Jol, being sent on loan to Groningen, but was afforded the chance to impress once Frank de Boer was appointed manager.
He added: "It looked as if I wouldn’t get a chance at Ajax under Jol. That is when it kept going through my head: ‘If only I had said yes to Arsenal, I would be playing in London every week instead of being on loan in this place’.
"I was so relieved when I heard that Martin Jol had gone. A week later Frank de Boer, who took over, brought me straight back and put me in the first team. I was his new left-back!"
