The Gunners will talk to the Brazilian, who is surplus to requirements under Pep Guardiola at the Allianz Arena, in the coming days after having an offer accepted over the weekend
By Wayne Veysey | Chief Correspondent
Arsenal have had a €20 million bid accepted by Bayern Munich for midfielder Luiz Gustavo, Goal can reveal.
The Brazil international is expected to become the Gunners' club record signing and Arsene Wenger's first senior capture of the summer.
Arsenal will step up negotiations with Gustavo's representatives in the coming days as they attempt to thrash out personal terms.
The 26-year-old is on international duty this week and Arsenal would need to be given the permission of the Brazil national team to hold direct talks with the player if they are to force through a quick deal.
Wenger made his move for Gustavo at the end of last week after Bayern chief executive Karl-Heinz Rummenigge had admitted that they were willing to listen to offers for him.
Gustavo fell behind Bastian Schweinsteiger and Javi Martinez in the German club's central midfield pecking order last season and told Bayern he wanted to quit in search of regular football.
Reports in Germany have suggested that new Bayern boss Pep Guardiola has no plans to utilise Gustavo this season.
The Brazilian had been close to joining Wolfsburg but he is believed to be keen to move to a Champions League outfit as he targets a regular starting position ahead of the World Cup in his homeland next year.
Goal revealed in February that Arsenal had identified Gustavo as a key midfield target in the summer.
Arsenal made an enquiry for Gustavo in the January window but stopped short of making a bid after learning that Bayern were unwilling to sell him in mid-season.
The north Londoners have been keen to sign a battle-hardened midfield anchorman since selling Alex Song to Barcelona 12 months ago.
Arsenal pulled out of a move for West Ham powerhouse Mohamed Diame in January after failing to be convinced he was better than the options they already had in central midfield, most notably Jack Wilshere, Mikel Arteta, Aaron Ramsey and Abou Diaby.
However, Gustavo's combination of authority and versatility has impressed Wenger and his scouts. The Brazilian is capable of slotting in at centre-back and left-back as well as his favoured deep midfield role.
The Brazilian, whose Bayern contract runs until 2015, was an intermittent starter for the European champions last season, although he was out for a month at the end of the season.