Arsenal have reached an agreement with Villarreal over centre-back Gabriel Paulista, with forward Joel Campbell set to go the other way on loan.
Gunners boss Arsene Wenger has been chasing the Brazilian as he seeks to bolster his defensive options for the second half of the campaign.
The Spanish side have now confirmed the deal, saying in a statement: "There is an agreement in principal with Arsenal for the transfer of Gabriel.
"He will say goodbye today before the match [against Levante]. Good luck!" the Spanish outfit added.
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Campbell, who has been chased by a number of sides, will make the opposite journey and link up with Villarreal on loan until the end of the campaign.
Villarreal are expected to realise a big profit on the €3.5m they paid to sign Paulista from Brazilian outfit Vitoria, with the fee they are receiving thought to be around €14m to €15m.
The Yellow Submarine also strengthen with the arrival of Campbell, who will spend the remainder of the season in Spain, with Villarreal aiming to finish in the top four in La Liga and qualify for the Champions League.
Paulista has made 19 appearances in La Liga for Villarreal so far this season, along with eight in the Europa League and two in the Copa del Rey.
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