Here is the version to be found in the excellent document Math Mode by Herbert Voß (with a modification of parameters), at § 38, Extensible Arrows, pp.78-79:
\usepackage{amsmath}
\makeatletter
\newcommand\xLongLeftRightArrow[2][]{%
\ext@arrow 0099{\LongLeftRightArrowfill@}{#1}{#2}}
\def\LongLeftRightArrowfill@{%
\arrowfill@\Leftarrow\Relbar\Rightarrow}
\makeatother
The 4 digit parameter denotes:
1st digit: space left
2nd digit: space right
3rd digit space left and right
4th digit; space relative to the arrow tips.

\documentclass{article}
\usepackage{amsmath}
\makeatletter
\newcommand\xLongLeftRightArrow[2][]%
{\ext@arrow 0099{\LongLeftRightArrowfill@}{#1}{#2}}
\def\LongLeftRightArrowfill@
{\arrowfill@\Leftarrow\Relbar\Rightarrow}
\makeatother
\begin{document}
$A \xLongLeftRightArrow[\text{very long sentence}]%
{\text{This is a very very}} B$
\end{document}
0099. The fix is straightforward nonetheless. – egreg Nov 26 '16 at 16:06