Runar Alex Runarsson will undergo a medical at Arsenal on Thursday ahead of a £1.5m transfer, claims the Daily Telegraph.
The Dijon keeper emerged as a target to replace Emiliano Martinez at the start of the week and the deal has progressed quickly.
While Martinez was sealing a £20m transfer to Aston Villa the Gunners were negotiating with the French side over a deal for Runarsson.
The 25-year-old is now finalising a move to north London to become N0.2 to Bernd Leno.
However, Arsenal are still in the running to sign Brentford goalkeeper David Raya, even though Runarsson is close to penning a deal.
And now the Telegraph claim Mikel Arteta wants to sign Raya, but allow him to remain at Brentford on loan for the remainder of the season.
The 25-year-old only joined The Bees last summer from Blackburn Rovers, but the Barcelona-born star was impressive in the club’s run to the play-offs.
He played 38 Championship games last season and collected 16 clean sheets, and he has worked with Arsenal’s current goalkeeper coach Inaki Cana at Brentford.
Cana also knows Iceland international Runarsson from their time working together at Danish side Nordsjaelland.
Meanwhile, Sheffield United are keen to increase their options up front by bringing in teenage Arsenal striker Folarin Balogun.
Reports on Tuesday said that the Blades had seen a bid for the 19-year-old turned down.
And United boss Chris Wilder confirmed the story on Wednesday.
Speaking ahead of Thursday’s Carabao Cup second-round tie at Burnley, Wilder said: “We made an enquiry regarding the young man at Arsenal.
“That is left with the CEO at our football club and at Arsenal. The last one that we’ve talked about, at the top of the pitch, we want attributes that suit us and hopefully move us forward.”