The 19-year-old attacker is set to be brought by Manchester City from A-League side Melbourne City with an immediate loan away already being lined up.
Scottish champions Celtic have emerged as front runners to land Arzani ahead of the English transfer window closing on August 9.
Reports from Scotland claim the Hoops are confident of landing the Australian on loan and is a player with the ability to play straight for the first team according to former Socceroo Ned Zelic.
"I don't think he will be a long-term project for Celtic," Zelic told The Herald Scotland.
"He has blossomed into a really exciting player this year. He is only 19, but we have seen players perform at the highest level in Europe at that age.
"I don't think he needs time to adapt. I think he has shown enough already to suggest he is ready.
"He will be playing for the best quality team in Scotland by far and will have top class team mates around about him. He is going to be able to show what he can do."
Zelic himself made the move to Europe as a 21-year-old with Borussia Dortmund and Arzani looks set to follow in similar footsteps.
Should he make the move to Celtic, Arzani will link up with Socceroos teammate Tom Rogic and a coach that clearly rates his ability.
"All I know is that he is a young Australian, a very talented player and went to the World Cup where he looked very, very good,” Brendan Rodgers said recently.
"The club are working hard behind the scenes to try and get some signings in. I think he’s been one that has been identified."