Alexandre Lacazette is undergoing a medical at Arsenal and is expected to complete his club-record move from Lyon on Wednesday.
Press Association Sport understands the Gunners are closing in on the signing of the 26-year-old France striker for a reported fee of £44million.
Lacazette has scored more than 20 goals in Ligue 1 for the last three seasons.
The fee would surpass the £42.4m paid to Real Madrid for Mesut Ozil in 2013.
However, the imminent arrival of Lacazette provokes questions over the future of Alexis Sanchez and Olivier Giroud - with Ozil's situation also uncertain.
Sanchez, whose contract expires in June 2018, has been linked with Manchester City, Chelsea and Bayern Munich.
Speaking at the Confederations Cup, the Chile forward said he knew what his future had in store, but declined to reveal what it entailed.
France striker Giroud, meanwhile, has been linked with Everton, among other clubs.