The Gunners look to have beaten off competition from Tottenham and Borussia Dortmund for the player, report L’Equipe.
The speedy winger will fly to London to complete a medical after appearing in the Copa Libertadores final according to the French sports paper.
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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.