Lucas Perez is set to move to former club Deportivo La Coruna on a season-long loan deal, The Daily Mirror reports.
The striker, whose last game for Arsenal was a friendly against Preston in July this year, flopped in his first season in England, despite producing some top performances whenever he was given a chance.
Perez has played in only five matches for the Gunners this year and is believed to have given up on breaking into the first team, opting for a move elsewhere.
It is understood that Newcastle has also expressed interest in the £17-million striker, but is likely to miss out on getting his signature.
Arsenal are willing to free up some space as the depth of their squad has been one of the major reasons for failing to sign more new players.