According to website Bleacher Report, Schalke defender Sead Kolasinac has already completed a medical ahead of a summer move to Arsenal.
The Bosnia international is out of contract at the end of season and is expected to be heading to Arsenal on June 30, with the deal reportedly '95 per cent done'.
The Gunners are said to view the 23-year-old as their first-choice left-back next season, replacing the 31-year-old Nacho Monreal.
Arsene Wenger has suggested he could make a move for Monaco's teenage sensation Kylian Mbappe this summer.
The 18-year-old France international has been in red hot form for the Ligue 1 leaders this season with 23 goals across all competitions.
"Obviously it would be hypocritical and a lie to say that we are not looking at him," Wenger told French broadcaster SFR Sport.
"But he's already in the bracket of clubs who are, perhaps, much better financed than us."
According to Italian outlet Il Mattino, Napoli are planning talks with Arsenal over a potential deal for goalkeeper Wojciech Szczesny.
The Poland international has spent the last two seasons on loan at Napoli's Serie A rivals Roma, where he's made 76 appearances.
Roma are also said to be keen on securing a permanent deal for Szczesny, whose contract at Arsenal expires at the end of next campaign.