The Gunners have been heavily linked with a bid to bring the 21-year-old French international to The Emirates as Arsene Wenger looks to further bolster his attacking options ahead of next season.
However, Italian journalist Giulianelli now claims that a deal is confirmed as Arsenal close in on their third signing of the summer after the arrivals of Alexandre Lacazette and Sead Kolasinac.
The same report claims that Arsenal are set to pay a fee of around £48m plus add-ons for the French midfielder.
And it is also suggested that the deal will be confirmed when Arsenal return to England following their tour of Australia and China.
The same story says that Monaco have asked Arsenal to delay announcing the deal until they have found a replacement for the Frenchman.
Arsenal will be looking to challenge for the Premier League title next season after the Gunners finished fifth in the table last term.
The Gunners have not won the Premier League title since their famous unbeaten triumph in the 2003-04 season.
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