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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Chelsea have struggled to build momentum in the opening stages of the campaign and are currently looking over their shoulders at the relegation zone.
Who of Europe’s top strikers will move to England this summer?