Arsenal have agreed deals to sign Lucas Perez from Deportivo La Coruna and Shkodran Mustafi from Valencia.
Perez scored 17 league goals in the 2015/2016 campaign and the Gunners have triggered his €20 million (£17m) release clause.
Valencia have accepted a £35m offer for Mustafi, after talks spanned over three weeks.
Both players are expected to undergo medicals on Friday.
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