Chelsea are set to move Olivier Giroud for £18 million which would allow Arsenal to transfer Pierre-Emerick Aubameyang.
The Blues have managed to find a breakthrough in negotiations and is set to make a switch which will allow Arsenal to complete the signing of Aubameyang, who travelled to London on Tuesday.
The Borussia Dortmund will move to Arsenal as he is thought to be putting the finishing touches to his move.
Arsene Wenger also admitted last week that he did not want to lose Giroud but if he finds a suitable replacement, then he could.
“I want Olivier to stay,” Wenger said.
“If nobody comes in, nobody goes out.
“Maybe one or two young players out on loan but the experienced side of the squad stays.
“I have a consistent exchange with him. We speak about it a lot.
“He has played a lot of games and scored important goals.
“He is an important player and every player has a lot of respect for him.
“He will get more games and can only leave if someone else comes in
“To lose him [Theo Walcott] and Olivier, without bringing anyone in, would be too many.”