The 29-year-old joined Arsenal from Bordeaux in 2010, but after scoring seven goals in 29 league appearances in his debut season, has featured just 23 times in all competitions since.
|4/9||Crystal Palace are 4/9 with bet365 to be relegated
"It's about him getting going again and I normally do all right with people whose careers are faltering," Holloway told the Daily Mail after the 1-0 pre-season defeat against Lazio on Saturday.
"I love them and work with them. Hopefully I can get him back to what he played like when he first went to Arsenal.
"There was nothing wrong with him when he scored eight in nine. But I wouldn't fancy being Robin van Persie's understudy. It couldn't have been fun."
The deal, which looks likely to be finalised next week, will mark Holloway's seventh new addition of the close-season.