The Gunners have been linked with a move for Thomas Lemar for weeks and have seen multiple approaches knocked back by Monaco.
Arsenal have not been deterred and have returned with a staggering £92million offer on deadline day.
And Telegraph journalist James Ducker says that the offer has been accepted.
He tweeted: “I'm told that Monaco and Arsenal have agreed a fee for Lemar but that it's now down to the player to decide if he will go #AFC.”
The Ligue 1 champions have driven a hard bargain on Lemar, insisting he would not be sold this summer after seeing their title-winning side torn apart.
The move has been slammed by former Crystal Palace chairman Simon Jordan, appearing as a pundit for Sky Sports.
He said: “I don’t think it smacks of well-oiled good order, do you?
“Because if you’re bidding £90million at four o’clock on transfer deadline day, I’m not so sure you’ve got all your ducks in line.
“So whether it smacks of a PR mechanism to appease the ever-resentful Arsenal fans. Or whether it’s good business, time will tell.
“To me it smacks of a little bit of nerve-breaking, of desperation. It smacks of a January transfer rather than an August transfer."
Thomas Lemar skies shot and takes shockingly bad free-kick 1769449587VthIrPKc
Arsenal legend Ian Wright, meanwhile, hit out at the club for their transfer business.
Wright tweeted: “Good luck @Alex_OxChambo you're are a lucky man! You've left a great club and you've joined a great club.
@Whoever leaves or whoever comes, AFC is still a great club. Unfortunately there's a monkeys tea party going on upstairs.
“I cant wait for this f*****g window to close. Gonna watch the news so as I can have something that's really worth being sad about.”