According to John Cross from Daily Mirror, the player is set to undergo his medical soon and the deal will be announced once the transfer window opens.
Signing someone like Elneny makes perfect sense for Arsenal as the Gunners are lacking in the central midfield department.
With the likes of Rosicky, Arteta and Coquelin all injured, Elneny can be a good squad option for the Londoners who are looking to challenge for the title this season.
The report also states that Elneny is a long term asset and the Gunners will move for the Southampton midfielder Victor Wanyama in the summer.