Should Stale Solbakken's men be relegated from the Bundesliga, a stipulation in the striker's deal which allows him to leave for a reduced fee will become active
The German has been widely linked with a move to north London, with reports circulating that the 26-year-old had already agreed personal terms with the Gunners.
The RheinEnergieStadion club had hoped to obtain a fee of around €20m for their star man, but should Stale Solbakken's side be relegated from the top flight this season, Podolski could be allowed to leave for just €10m.
Following a disastrous run of form, including last week's home loss to Bayer Leverkusen, Koln sit just four points above 16th place, and could face a relegation play-off with the 2. Bundesliga's third-place team should they slip further down the table by the end of the term.
Meanwhile, Koln have been dealt a further blow with the news that they stand to lose over 20 per cent of the money they get for the Germany international.
Investors Franz Josef Wernze and Frank Asbeck each own 10% of Podolski's transfer fee having helped the club buy him from Bayern Munich, while the Bavarians are entitled to 10% of any revenue above €10m.
According to Bild, Podolski will sign a three-year contract with Arsenal and be paid an annual wage of €6 million, almost double his current salary, should the move materialise.