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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The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.
Five English clubs will compete in the last sixteen of the Champions League for the first time ever as Liverpool, Manchester United, Manchester City, Chelsea and Tottenham face some difficult away matches.