Arsenal are finalising a deal to sign Real Sociedad midfielder Martin Zubimendi, Sky Sports News understands.
There is still work to be done, but Arsenal have met the conditions of the £51m release clause in Zubimendi's contract.
Once all the contractual details are sorted, the Spain international will take a medical before completing the move.
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While a big priority in the window for Arsenal is signing a striker, a midfielder has always been high on the agenda.
Jorginho has confirmed he will leave the Gunners when his contract expires next month.
Zubimendi was close to joining Liverpool last summer, only to change his mind.
It is believed Arsenal made their interest known in the player then. However, they could not do a deal because of the number of midfielders they had in their squad.
Once Arsenal's interest became apparent, it is thought the 26-year-old was happy to stay at Sociedad for another season before making the move to the Emirates.
Arteta to have at least £100m to spend this summer
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Sky Sports News' chief reporter Kaveh Solhekol:
Arteta will have at least £100m to spend on transfers this summer, plus any funds raised from player sales.
Arsenal in a very healthy position with regards to the Premier League's Profitability & Sustainability Rules and they have money to spend in the summer window.
The club are also planning on refreshing their squad to generate further funds to invest in new signings.
Arsenal will also sign a striker this summer, but they have not yet narrowed down their options to one name.
New sporting director Andrea Berta has been very impressed with Sporting Lisbon's Victor Gyokeres, but RB Leipzig's Benjamin Sesko also remains a target.
Sky Sports to show 215 live PL games from next season
From next season, Sky Sports' Premier League coverage will increase from 128 matches to at least 215 games exclusively live.
And 80 per cent of all televised Premier League games next season are on Sky Sports.