Found the chrome Options class in the Selenium source code.

Usage to create a Chrome driver instance:

from selenium import webdriver
from selenium.webdriver.chrome.options import Options
chrome_options = Options()
chrome_options.add_argument("--disable-extensions")
driver = webdriver.Chrome(chrome_options=chrome_options)

This is how I did it.

from selenium import webdriver

chrome_options = webdriver.ChromeOptions()
chrome_options.add_argument('--disable-extensions')

chrome = webdriver.Chrome(chrome_options=chrome_options)

Code which disable chrome extensions for ones, who uses DesiredCapabilities to set browser flags :

desired_capabilities['chromeOptions'] = {
    "args": ["--disable-extensions"],
    "extensions": []
}
webdriver.Chrome(desired_capabilities=desired_capabilities)

from selenium import webdriver

options = webdriver.ChromeOptions()
options.add_argument('--disable-logging')

# Update your desired_capabilities dict withe extra options.
desired_capabilities.update(options.to_capabilities())
driver = webdriver.Remote(desired_capabilities=options.to_capabilities())

Both the desired_capabilities and options.to_capabilities() are dictionaries. You can use the dict.update() method to add the options to the main set.