In what will be Arsene Wenger's third signing of the current transfer window, Alex Oxlade-Chamberlain is set to finalize a £10-12 ($16-20) million deal from Championship club Southampton.
Along with Arsenal, the 17-year-old winger has already gained interest from a number of Premier League clubs, including Liverpool and current champions Manchester United.
When Chamberlain first heard of the interest back in July, he said: "I've heard Arsenal are in for me and to join a top-four club is what I hope for.
"When the bus comes along, you have to jump on it and make the most of your opportunities.
"It's not every day you get a chance like that. I believe in my own ability and that I have what it takes to play in the Premier League."
Having already landed the services of both Gervinho (striker, from Lille) and Carl Jenkinson (defender, from Charlton), Wenger is looking to boost his squad ahead of next week's opener against Newcastle United.
The departures of vital assets Cesc Fabregas and Samir Nasri are looking increasingly likely, as Fabregas has even offered to pay to return to his former club Barcelona. Meanwhile, Nasri looks bound for Manchester City after the billionaires failed to capture Ajax playmaker Christian Eriksen.
Arsenal will once again have their work cut out this season, as they continue on their quest to capture their first trophy since 2005.
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