Arsenal have a deal in place with wantaway Dalian Yifang winger Yannick Carrasco.
TMW says the Gunners have had an agreement with the Belgium international for several weeks.
Carrasco has already slapped in a transfer demand, but Dalian Yifang are so far refusing to let him leave.
The former Atletico Madrid attacker is desperate to return to Europe and to join the Gunners. Roma have also come forward in recent days.
Arsenal, meanwhile, are maintaining talks with the Chinese Premier League club in an attempt to convince them to sell.