Declan Rice will undergo a medical on Friday ahead of his record transfer from West Ham to Arsenal.
The Gunners have agreed to pay the bulk of the £105million fee – a record for a British player – in instalments by the summer of 2025.
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England midfielder Rice has already agreed personal terms with the Gunners after rejecting interest from Manchester City.
The Premier League champions had looked at Rice as a replacement for Ilkay Gundogan, but decided West Ham were asking for too much and left Arsenal in pole position.
The London rivals had been haggling over the fee despite personal terms being agreed with the player and now an agreement has been reached.
Rice has openly talked about competing for top honours and playing Champions League football, with his last act captaining West Ham to glory in the Conference League final last season.
Rice will follow Kai Havertz through the Emirates door where they will form a new look attack alongside Martin Odegaard.
Romeo Lavia of Southampton and Ajax defender Jurrien Timber have also been linked with summer moves.
