Lille are set to sign Canada international Jonathan David after agreeing a €30 million (£27m/$35m) club-record deal with Gent despite interest from a number of Premier League clubs.
The 20-year-old will replace Nigerian striker Victor Osimhen, who joined Napoli in a €50m (£45m/$59m) deal last week, and will sign a five-year deal.
Arsenal had considered David as a replacement for Pierre-Emerick Aubameyang but continue to chase a contract renewal for their star striker, while they are also set to sign Willian on a free transfer from Chelsea.
The Gunners also face budget restrictions having announced they would lay off 55 members of staff at the Emirates Stadium to help fund further moves, with Lille centre-back Gabriel Magalhaes one of the players who could arrive.