Spanish international Santi Cazorla has passed his Arsenal medical and is now awaiting a formal announcement.
Arsenal have reportedly agreed a price of £20m with Malaga which is made up of a £16m basic fee plus various add ons, The Mirror reports.
The 27-year old has agreed personal terms with the club and is believed to have received a four-year contract worth £70,000-a-week.
Official confirmation of the transfer is being held up for legal reasons connected to Malaga's financial difficulties.