The north London side have been heavily linked with a number of players in recent days as the January transfer window reaches its conclusion.
Arsenal are said to have been tracking Yarmolenko, who has also been linked with Everton, for some time and are reportedly keen to bring to bring the 26-year-old to Emirates Stadium.
Now, Ukrainian outlet Sport is reporting that Arsenal have reached an agreement with Dynamo Kyiv for the transfer of the player in a deal for him to move to north London at the end of the season.
Arsenal have already bolstered their midfield options this month with the signing of Mohamed Elneny from FC Basel last week.
However, Arsene Wenger is believed to be on the lookout for further reinforcements before the close of the January transfer window on Monday evening.
Arsenal host Burnley in the fourth round of the FA Cup on Saturday afternoon.
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