The Gunners have shown strong interest in France international Fekir this season and the Daily Star say a move to bring him to the Emirates is on the verge of completion.
Fekir is enjoying a sublime campaign for Ligue 1 outfit Lyon, scoring 12 goals in 18 games and becoming a regular for the France national side.
Barcelona were said to be monitoring Fekir’s progress but Arsenal hope a £60m deal will allow them to beat any competition to land his signature.
Fekir’s potential arrival in north London will reportedly lead Arsenal to selling influential duo Sanchez and Mesut Ozil, who will both be out of contract come the end of the season.
The Gunners are said to be willing to sell Ozil for around £30million, with Manchester United expressing interest in a deal, while Premier League frontrunners Man City hope to sign Sanchez after coming close to bringing the Chilean to the Etihad last summer.
Speaking about his future earlier in the month, Fekir admitted he would be interested in a move to the Premier League.
‘When you are from Lyon, the only French club that you are interested in is Lyon,’ said Fekir.
‘There is nothing that tempts you more than that… Spain and England. Those are the two most attractive leagues, where they love football.
‘From a technical point of view, it is neat. It is the best! In Spain, even the smaller teams are not scared of playing.
‘I love the game, the beautiful game. The teams that are uniquely looking to be involved in and win duels do not interest me. That is not football. Aside from that, everyone has their preferred style.’