Alexandre Lacazette arrived at Arsenal’s training ground on Tuesday to have a medical ahead of a move from Lyon, TNT sources understand.
Once the medical is complete, Lacazette is expected to sign a five-year deal at the Emirates Stadium.
Arsenal have agreed a club-record deal with Lyon which could rise to £52m over the course of his contract.
Lacazette had verbally agreed to join Atletico Madrid this summer but that deal collapsed last month after Atletico’s transfer ban was confirmed by the Court of Arbitration for Sport.
Arsenal’s opening bid of £39m was turned down last month, but Lyon president Jean-Michel Aulas had confirmed a deal was likely to be completed after the sides met on a fee that would eclipse the £42.5m Arsenal paid for Mesut Ozil four years ago.
Lacazette had said he would only move to a club who are playing in Europe’s premier club competition but it appears the 26-year-old’s stance on the matter has softened.