The Spain international spent the previous campaign on loan with Bournemouth in the Premier League. He had a solid season where he made almost 100 saves with a success rate of 71 percent.
Arrizabalaga was not convinced to extend his stay at the Cherries and he is now expected to join the Gunners as a back-up goalkeeper behind David Raya.
The Athletic Bilbao graduate has already agreed personal terms with the Gunners and a deal will go through once the club trigger the £5m release clause in his deal.
Arrizabalaga lowered his salary to £75,000 per week during his contract renewal at Chelsea last summer and he is likely to accept a similar package at Arsenal.
Arsenal were initially keen on landing Espanyol star Joan Garcia as a deputy, but the Spaniard has decided to join Barcelona instead where he has been guaranteed a starting role next season.
