The 27-year-old has long been linked with a move to the Gunners and came close to moving to the Emirates Stadium 12 months ago.
Arsenal boss Arsene Wenger failed to sign Valencia keeper Vicente Guaita last week and is now desperate to complete the signing of Viviano.
Viviano is set to have a medical in London before Monday’s transfer deadline.
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Liverpool have unveiled their new home kit for next season, sticking with the hugely popular retro styling of the current shirt.
The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.