Arsenal and Porto have struck a deal on the sale of Fabio Vieira, according to Porto.
On Friday, Vieira arrived in London for a medical, and Porto confirmed that a transfer agreement with Arsenal had been reached.
Arsenal will pay £30 million (€35 million) upfront with £4.2 million (€5 million) in add-ons, according to a brief statement from the Portuguese Primeira Liga club.
Before his teammate Vieira surfaced as a key midfield target for manager Mikel Arteta, Arsenal appeared to be interested in Youri Tielemans and Porto star Vitinha.
While a contract has been reached, the move is contingent on Vieira agreeing to personal terms with the Premier League club.
"It is also understood that the final agreement is still being finalized and will be completed in the next days," the statement continued.
The 22-year-old had a strong season in the 2021-22 Primeira Liga, scoring six goals and leading the team with 14 assists.
In the 2022-23 season, Bayern Munich will seek a record-extending 11th Bundesliga title, with Borussia Dortmund or RB Leipzig the most likely opponents.
After a 3-1 victory over fierce rivals Dortmund in late April, Julian Nagelsmann's side won the 2021-22 championship with three games remaining.
The Bundesliga champions will have to wait until matchday nine for their first Der Klassiker league meeting, which will take place between October 7 and 10 at Dortmund's Signal Iduna Park.
Nagelsmann's team will then hope to have built a league edge before facing Leipzig in their first league encounter, which will take place after the World Cup, in January.
Bayern Munich defeated Dortmund three times in the German Bundesliga and DFL-Supercup last season, and the teams will meet again between March 31 and April 3 at Allianz Arena.
The Bavarian giants will seek to win the title with a game to spare this time, with a potentially difficult match against Leipzig at home as their last match before finishing their campaign away to Cologne.