The 17-year-old midfielder has been heavily linked with a transfer to Emirates Stadium after he led Nigeria to glory in the Under-17 World Cup last year.
The player’s elder brother this week spoke out about the speculation linking the teenager with a transfer to the north London club and said that the move was only being held up by visa issues.
Speaking at a news conference at Arsenal’s London Colney training ground of Friday morning, Wenger confirmed that the Gunners are hoping to push through a deal to sign the youngster before Monday’s deadline.
Asked if he expects the deal to be done this month, Wenger said: “Yes. There are work permit issues, there are medical issues because he has to make medicals but it’s progressing well.
“We identified Nwakali as the player of the tournament and he is a top player. We will see if he can manage to get it over the line in this transfer period.”
Arsenal are currently third in the Premier League after their 1-0 loss to Chelsea at Emirates Stadium last weekend.
The Gunners host Burnley in the fourth round of the FA Cup on Saturday as they look to win the competition for the third straight year.
MORE: Man United latest news
MORE: Arsenal latest news
MORE: Chelsea latest news
MORE: Liverpool latest news