Petr Cech was undergoing a medical at Arsenal on Friday ahead of his move from Chelsea, sources confirmed to ESPN FC.
Arsenal agreed a fee with London rivals Chelsea earlier this week after the Premier League champions reluctantly sanctioned the sale of the Czech Republic international.
The 33-year-old, who was due to enter the final year of his contract at Stamford Bridge, made a request to the club's hierarchy to let him move on in search of regular football after finding himself as backup to Thibaut Courtois last season.
A number of clubs including Paris Saint-Germain expressed an interest in Cech, but the player's preference was to stay in the Premier League and London, paving the way for Arsenal to secure his signature.
Arsenal have been chasing a new goalkeeper for some time with Wojciech Szczesny and David Ospina having alternated as first-choice keeper last season.
Cech's arrival will be something of a coup for Wenger as he looks to build a squad capable of mounting a serious challenge for the Premier League title.
The shot-stopper has already agreed personal terms in principle and is expected to sign a three-year deal worth £100,000-a-week upon the completion of a successful medical.
The move will bring to an end Cech's 11-year association with Chelsea, having played over 400 games for the club since his arrival from Rennes in 2004.
Cech will become Arsenal's first signing of the summer and he could be in line to make his competitive debut for Gunners against his old club in the Community Shield on Aug. 2.