The Costa Rica international has agreed to join the Seville club from the Gunners for the 2012/13 campaign after completing a medical on Thursday morning
The Costa Rica international finalised the temporary switch with the Seville club after passing medical tests, with the deal containing no buy-out option.
Campbell is the Andalucian side's fifth summer signing as coach Pepe Mel looks to improve on their 13th place finish in last season's La Liga campaign.
The 20 year-old joined the Gunners in August 2011 from Costa Rican side Deportivo Saprissa but is yet to make an appearance for the north London club.
Campbell spent his first season signed to Arsene Wenger's side on loan at Ligue 1 side FC Lorient scoring three goals in 25 appearances.