Tzolis, 24, had a stellar season with Club Brugge, scoring 17 goals and assisting a staggering 23 in 37 Belgian Pro League games for the champions.
According to several sources, including David Ornstein from The Athletic, Arsenal and Club Brugge have agreed on a transfer fee worth €40 million. It is a club record sale for Club Brugge, whose previous record was set at €37.5 million for Charles De Ketelaere in 2021.
Tzolis is set to sign a contract for "at least" five years in North London.
Christos Tzolis made his professional debut for PAOK Saloniki in his native Greece, after which Norwich City picked the winger up in 2021. Following a loan spell at FC Twente in the Netherlands, Fortuna Dusseldorf permanently signed Tzolis from Norwich for €3.5 million in 2024.
Club Brugge agreed on a deal with Fortuna Dusseldorf less than a week later, signing Tzolis for €6.5 million. In 108 games for the 20-time Belgian champions, Tzolis scored 43 goals and provided 47 assists.