The Italian outlet adds that the Gunners will announce the new player signing in the upcoming week with a deal already wrapped up to bring the 2015/16 PFA Player of the Year to the Emirates.
The 26-year old has always been linked with a move to North London.
Arsenal have only signed Bosnia defender Sead Kolasinac in the summer transfer window so far after the left-back agreed to move on a free transfer from Bundesliga outfit Schalke 04.
Earlier this summer, Riyad Mahrez gave a brutally honest statement to the club, stating his intentions to move to a team that can offer him regular UEFA Champions League football as well as trophies.
GETTY Arsenal have bid for Alexandre Lacazette
Arsenal boss Arsene Wenger was interested in the tricky winger this time previous year but was eventually snubbed by the player, much like that of Leicester's Jamie Vardy, who was linked to the F.A Cup winners during the European Championships in France.
"However, I am fiercely ambitious and feel that now is the time to move on to a new experience".
Barcelona have been linked with the Algeria global this summer, but appear to be prioritising other targets and look to have cooled their interest.
Mahrez's departure leaves a wide open gap in the team, but with a considerable fee coming through, Craig Shakespeare can finally turn his attention to the market to bag a suitable replacement. It is believed that Barca were his first choice, Arsenal being the other option.
Ancient Tower of Human Skulls Discovered in Mexico City
The horrid shrine may prove to contain even more remnants; the excavation continues. Ritual worship of the deity often involved human sacrifice.
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