Folarin Balogun is set to undergo medical with Monaco ahead of a summer transfer.
The Ligue 1 side have agreed a transfer fee Arsenal for the striker.
Both clubs have now agreed a package worth €40m for Balogun and his medical will take place this weekend, Fabrizio Romano reports.
The Gunners will also retain a significant sell-on clause.
Balogun has experience in France’s top-flight, having scored 22 goals for Reims last season while on loan from the Gunners. He is now poised to return, having made just 10 senior appearances for the north London club.