The Atletico Mineiro star, who made two substitute appearances in last month’s victorious Confederations Cup campaign for the Selecao, has been linked with a number of Premier League clubs including Tottenham Hotspur.
Bernard has made just shy of 100 club appearances for his home-town club, scoring twenty-one goals, and has helped them to win back to back State Championships.
News of the deal was revealed by Brazilian reporter Alexandre Oliviera who was quoted last week as saying “Atletico Mineiro’s Bernard is going to join Arsenal.”
The 20 year old is set to fly to North London for a medical on Friday, after playing in the second leg of the Copa Libertadores final against Paraguayan side Olimpia, who won the first leg 2-0.
Should the deal go through, he will become the Gunners second signing of the summer, following the arrival of France under 20 striker Yaya Sanogo from Auxerre.