Arsenal are preparing to announce what is being labelled as "the transfer of the season", according to football agent Muzzi Ozcan.
The player representative has not revealed any details regarding the deal but promises to provide an update over its progress in the coming days.
Ozcan's Mondial Sports Management represents a host of players who ply their trade across Europe including Paris Saint-Germain forward Edinson Cavani, Chelsea midfielder Nemanja Matic and Liverpool's Philippe Coutinho.
Cavani in particular has been heavily linked with a move to the Gunners in previous years and in May Metro reported that the Uruguay international had submitted a transfer request in order to force through a move away from the Ligue 1 champions.
The agent wrote on Twitter: "Arsenal will be making the transfer of the season ! The deal isn't to [sic] far from being complete ! Will update in the coming days."
Arsenal have made just one signing this summer in the form of former Chelsea goalkeeper Petr Cech, but a host of players have left the back-to-back FA Cup winners.
Abou Diaby and Ryo Miyaichi were among seven players released at the end of the campaign after their contracts expired, while Lukas Podolski became the first notable transfer exit when he joined Turkish club Galatasaray.
Despite their limited activity in the market, which follows successive summers where the club have splashed out big on Mesut Ozil and Alexis Sanchez, Arsenal chief executive Ivan Gazidis confirmed in May the club have the funds available to make significant signings.
"We've got a good financial position at the club, so we are really healthy going into the summer," Gazidis told Arsenal Player.
"I think we can make investments. Arsene has said we have got a big and deep squad, and a top quality squad. So it's not just turning over for the sake of turn over.
"The additions that Arsene will make will only be if we are finding really top-class players that fulfil a need that we have.
"One of the really important balances to get right this summer is to improve where we can, but also to retain the cohesiveness of the team because that's been a really important ingredient in the second half of the season; the team spirit, the cohesiveness of the group, you don't want to destroy that.
"So it is a delicate operation this summer to get that balance right, but I am sure we are going to do it. I think in the last three or four years we have made really good decisions over the transfer windows that have proven to be good over time.
"I am hopeful we'll continue to do that and deliver the types of additions we need to make sure we are in a position to compete next year."