Bournemouth goalkeeper Neto is undergoing an Arsenal medical this morning.
The 35 year-old Brazilian is set to sign for the Gunners on a season-long loan. The deal will not include a permanent option.
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Neto arrives as Aaron Ramsdale is sold to Southampton.
The Brazilian will join Arsenal as cover for David Raya, with an expectation of seeing minutes in Cup ties.
Neto has long been a favourite of countryman and Arsenal director Edu, who turned to the veteran after being unhappy with Espanyol's asking price for Joan Garcia.