The Gunners have already confirmed the signing of Marquinhos from Brazilian club Sao Paulo. Major League Soccer side New England Revolution announced in February that goalkeeper Matt Turner would move to the Emirates Stadium in the summer.
Those deals are said to have cost Arsenal a combined sum of around €10 million. Having completed two cheap deals, the north London giants have now turned their attention towards making a major addition to their midfield.
According to the aforementioned source, Mikel Arteta's side have agreed to trigger the release clause in Vieira's contract with Porto. The midfielder will cost the Premier League club a sum of €40 million.
It is said that there is full agreement between the two clubs over the 22-year-old's transfer. Vieira has also been tipped to travel to London in the coming hours to complete his move to Arsenal.
The Portugal under-21s international rose through the ranks at Porto's academy before making his senior debut in June 2020. He has since made 76 appearances across all competitions for the club, scoring 10 goals and providing 18 assists in the process.
Vieira found the back of the net seven times and set up 16 goals for his teammates last season. He has a contract with Porto until 2025, but is now on his way to Arsenal if the report is to be believed.
Arsenal beat Manchester United to Fabio Vieira's signing
Manchester United have been linked with a move for Fabio Vieira recently. The 22-year-old is said to be among the players they are looking at to bolster their options in midfield this summer.
The Red Devils have reportedly identified Barcelona's Frenkie de Jong as their top midfield target. However, there have been suggestions that they view Vieira as an alternative to the Netherlands international.
Manchester United, though, might have to turn to other options as Arsenal edge closer to signing the Portuguese. The midfielder looks set to be the Gunners' third signing of the summer transfer window.
Meanwhile, the north London giants are increasingly confident about signing Gabriel Jesus from Manchester City. They are expected to make an improved offer for the Brazil international after their initial bid did not meet the Cityzens' valuation.