CSKA Moscow has already lodged a formal bid for Anderlecht's towering center back, but the Gunners are ready to jump in having lined up talks with the player's agent on Thursday.
The 24-year-old, who impressed during Senegal's 2012 Olympic run to the quarterfinals, has already been the subject of a 6.5 million euro offer from Russian side CSKA Moscow.
Kouyate has been linked with a move to the Premier League for some time, with Manchester City, Liverpool and Southampton having all been credited with an interest in the past six months.
But the Gunners look to have stolen a march on their rivals, with the club ready to pay 6 million euros to seal Kouyate's signature.
Speaking on Wednesday, the player's agent, Saffet Balkan, told Goal: “Tomorrow morning I will have a meeting with two clubs in Belgium to discuss Kouyate’s future.
“One is from Moscow and the other is from the Premier League but both clubs have requested that I do not not say which ones. We already have one offer of €6.5m from Russia which Anderlecht are happy with but now we have to finalize things.
"I think he would prefer to play in England because it will suit his style very well. We will see what happens in the next 24 hours.”
Kouyate has been an ever-present for Senegal’s national side since the Olympics, when his team lost to eventual gold medalist Mexico after extra time.
He was instrumental in Anderlecht’s Jupiler League triumph last season but has now been told he can leave in January.