Arsenal have agreed a deal in principle with Real Sociedad to sign midfielder Mikel Merino.
The fee is in the region of €38.5m (£32.67m), made up of an initial fee is €33.5m (£28.43m) and a further €5m (£4.24m) in performance related add-ons.
The 28-year-old has agreed terms on a four-year deal with the option of a further year.
The transfer will be finalised subject to Merino passing a medical.
Merino had entered the final year of his contract at the LaLiga club and was understood to be keen on moving to the Emirates.
The midfielder played in every one of Spain’s matches as they won Euro 2024, including scoring a 119th-minute winner in the quarter-final against Germany.
Merino joined Sociedad from Newcastle six years ago and has gone on to make 242 appearances for the club, helping them win the Copa del Rey in 2020.
He spent just one season at Newcastle under Rafael Benitez and started only 14 Premier League matches.
Merino came through the ranks at Osasuna before joining Borussia Dortmund in 2016, where he won the DFB-Pokal under Thomas Tuchel.
When does the summer transfer window close?
The 2024 summer transfer window officially closes on August 30 at 11pm UK time in the Premier League and 11.30pm in Scotland.
The Premier League has brought forward Deadline Day to link up with the other major leagues in Europe. The closing dates were set following discussions with the leagues in England, Germany, Italy, Spain and France.