Manchester United midfielder Henrikh Mkhitaryan has agreed to join Arsenal, with Alexis Sanchez set to move in the opposite direction in a straight swap.
Armenia international Mkhitaryan, 28, will have a medical on Sunday and Monday after the paperwork for his transfer was completed on Saturday.
The length of his contract at Arsenal, and his salary, is undisclosed.
Gunners boss Arsene Wenger had said striker Sanchez, 29, would only join United if Mkhitaryan moved to Arsenal.
Sanchez missed Arsenal’s 4-1 win over Crystal Palace on Saturday because he was travelling to Manchester.
“He didn’t play because you cannot drive up north and play football at the same time,” said Wenger.
United boss Jose Mourinho, meanwhile, said a deal to sign Sanchez was “close” following his side’s 1-0 win at Burnley on Saturday according to BBC.
The Red Devils beat Arsenal to Mkhitaryan’s signature when he signed for the Old Trafford club for £26.3m from Borussia Dortmund in July 2016.
He has made 63 appearances for United – 22 this season – scoring 13 goals.
Sanchez, meanwhile, has scored 80 goals in 166 appearances for Arsenal since joining them from Barcelona for £35m in July 2014.
The Chile international, whose contract Arsenal was due to expire in the summer, had looked set to join Manchester City last August.
It emerged this week that City had decided not to pursue their interest in signing Sanchez.
However that move fell through on transfer deadline day after Arsenal failed to sign a replacement.