Cristhian Mosquera is on his way to Singapore to join Arsenal's preseason tour after the club finalised terms with Valencia, sources have told ESPN.
The exact fee is unclear but sources told ESPN the deal is worth around £17million ($22.9m) including add-ons.
Neither club has confirmed the transfer but sources say Mosquera will soon land in Asia ahead of the Gunners' first friendly, against AC Milan on Wednesday.
The 21-year-old will provide cover for first-choice centre-back pairing William Saliba and Gabriel Magalhaes and is expected to sign a long-term contract.
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Mosquera made 90 appearances for Valencia and played for Spain under-21s.
He will become the club's fifth summer signing after Martin Zubimendi, Noni Madueke, Christian Norgaard and Kepa Arrizabalaga, with their total outlay in the region of £140m.
Talks are ongoing with Sporting Lisbon over a move for Viktor Gyokeres with Arsenal close to securing a deal worth an initial €63m with an additional €10m in add-ons. The details of those add-ons are still being discussed.