Sky Sports sources understand Lille striker Gervinho is undergoing a medical with Arsenal ahead of a €12million (£10.7million) transfer.
The tricky forward is thought to have travelled to London on Tuesday night at a time when a fee was reported to have been agreed between respective club officials, with only additional bonuses left to be discussed.
But with Gervinho now having a medical in England, personal terms on a four-year contract are likely to be on the schedule on Wednesday afternoon and the move could soon be confirmed.
The developments will provide a welcome boost to all associated with Arsenal in what has become somewhat of a summer of discontent in the transfer market.
Gael Clichy has already moved to Manchester City, while captain Cesc Fabregas is expected to return to boyhood club Barcelona, as Arsenal attempt to earn a fee as close to £40million as possible.
Samir Nasri is another edging towards the exit and he is a target of Manchester United and City, with Chelsea now also interested after the Frenchman indicated earlier in the summer he will not extend the 12 months remaining on his contract.
Arsenal have brought in teenage defender Carl Jenkinson from Charlton, but the imminent announcement of Gervinho would be the first to truly excite fans, who have grown increasingly restless.
The 24-year-old Ivory Coast international scored 15 goals as Lille won the French Ligue 1 last season and his arrival at Arsenal could mean Nicklas Bendtner is sold amid claims he is a target of German champions Borussia Dortmund.
It was confirmed earlier on Wednesday that Arsenal have missed out on attack-minded Argentine midfielder Ricky Alvarez after an initial £10.6million deal was agreed between his current club, Velez Sarsfield, and Inter Milan.
On top of creative replacements for Nasri and Fabregas, Wenger is also thought to want a British centre-back and has been linked with Birmingham's Scott Dann and Bolton's Gary Cahill.