Bolton's Rob Holding in action with Eastleigh's Kaid Mohamed
The paper claim Holding underwent a medical at Arsenal on Monday evening, and that Bolton have accepted an offer.
Holding is due to discuss personal terms this week, and is unlikely to be loaned back to the Trotters.
Bolton Wanderers Rob Holding and Leeds United's Mirco Antenucci
Bolton were relegated to League One last season after finishing bottom of the Championship, and the 20-year-old is on the verge of completing a dream move.
Two other Premier League clubs are claimed to have made bids in the past week for Holding but neither have met Bolton's asking price, and the player's heart is set on a move to Arsenal.
Holding will be Arsenal's third summer signing, following the additions of Granit Xhaka and Takuma Asano.
Switzerland's Granit Xhaka applauds the fans
Japan's Takuma Asano (R) and South Korea's¬†Yeon Jeimin (L) fight for the ball.
Despite the claim Holding will not be loaned back to Bolton, he faces a battle to make it into the Arsenal first team, behind Calum Chambers in the pecking order.
Arsene Wenger will at least get to assess him first hand before making a decision, although he could begin his stint at the Gunners with the under-21s.