Manchester United midfielder Henrikh Mkhitaryan will move to Arsenal and Arsenal forward Alexis Sanchez will move in the opposite direction.
An announcement is now expected in the next 48 hours, BBC reported.
Both have to revise their right to work in England as they are not citizens of EU member states.
Manchester United midfielder Henrikh Mkhitaryan arrived in London on Sunday where he is expected to undergo a medical in Arsenal.
Henrikh Mkhitaryan marks 29th birthday on January 21.
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