Gunners boss Mikel Arteta is a big fan of the 25-year-old, and has been keeping tabs on him over the last few seasons.
He is ready to fly in next week and sign until the summer if the move is given the go ahead.
There has already been talks over the loan between the two clubs and the ex-Barcelona star's agent. Arsenal's need for a new midfield addition has become more acute this week.
Arteta will be without Granit Xhaka for the next three games after his reckless red card at Liverpool on Thursday night.
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