Starsport understands a deal worth more than £60m for the French playmaker is “almost done” paving the way for Mesut Ozil and Alexis Sanchez to leave.
Manchester United target Ozil and Manchester City target Sanchez could now be allowed to leave in the January transfer window with the Gunners confident of snapping up Fekir.
The 24-year-old can play as either a striker or a No.10 with Lyon owner and chairman Jean-Michel Aulas calling him “my Lionel Messi”.
If the Gunners can clinch the deal, Fekir would link up again with Alexandre Lacazette, his former team-mate at Lyon.
Lacazette joined the Gunners in the summer when Arsenal paid a club record £52m.