Folarin Balogun and Arsenal have agreed terms over a four-year contract.
Arsenal are poised to confirm Balogun has signed a new four-year deal.
Gunners manager Mikel Arteta said: " We are going to make it official when it's official and everything is done but as I said before, I have always been very positive that he wanted to stay at the club. We are very close."
Balogun's contract was due to expire this summer alerting a string of clubs at home and abroad.
But Arteta and technical director Edu have been successful in their attempts to convince the New York-born England under-20 international that the Emirates remains the best place for him to continue his career.
