The 24-year-old has been offered a five-year contract,
Nicolas Pepe will reportedly earn £105,000 per week after he completes a £72m ($89m) move from Lille to Arsenal.
The fee would be a club record for the Gunners, and The Express say their wage offer impressed the Ivory Coast international.
Pepe was a target of Liverpool and Manchester United, but is believed to have opted for North London to help Unai Emery’s side return to the Champions League.
