Southampton defender Calum Chambers for a fee of about £16m on Monday.
The England Under-19 international will join the Gunners' Austria training camp after he underwent a medical on Friday.
Chambers, 19, has made 25 senior appearances for the Saints and Arsenal see him as an option at right-back, centre-back or in a more advanced role.
Arsenal have also enquired about Saints midfielder Morgan Schneiderlin, 24.
Chambers for England in 2018?
In a BBC Sport feature on England's possible team for the 2018 World Cup, four of five national journalists questioned picked Chambers in defence.
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Chambers would become Arsenal's fourth summer signing following the arrivals of Barcelona forward Alexis Sanchez, Newcastle right-back Mathieu Debuchy and Nice goalkeeper David Ospina.

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