The right-back is in line for a long-term deal after breaking into Gunners' first team
The 20-year-old has been in talks with the Gunners over improved terms after breaking into Arsene Wenger's team this season.
Bellerin's current deal expires in 2017, but he is now set to extend his agreement with the Premier League club.
it is understood that the Spaniard will put pen to paper over the coming weeks.
Arsenal have moved to tie Bellerin down after a series of impressive performances since replacing the injured Mathieu Debuchy at right-back shortly before Christmas.
Debuchy is fully fit after three months out with a dislocated shoulder but Bellerin got the nod over the France international for the goalless draw against Chelsea on Sunday, and the Spaniard justified his selection with an impressive display against the newly-crowned PFA Player of the Year Eden Hazard.
Bellerin's new contract is set to push Carl Jenkinson further down the pecking order at Emirates Stadium.
The right-back is currently on loan at West Ham, with the East London club interested in making his deal permanent.