talkSPORT state that they have spoken to manager Arsene Wenger in Brazil, who informed them that the deal is "almost done" and that completion is set to occur tomorrow.
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Sanchez was in top form for Chile throughout the World Cup tournament in Brazil, reflecting his talent despite being seemingly surplus to requirements at Camp Nou.
Predominantly used as a wide forward by Barcelona last term, Sanchez returned 19 goals and ten assists from 27 La Liga starts.
Arsenal reportedly beat off strong competition to win Sanchez's signature as Juventus, AC Milan and Liverpool were all linked with the player.
He is expected to cost the Gunners between £28 million and £32 million and will commit to a four year contract.