Arsenal expect their captain Cesc Fabregas to be a Barcelona player by the weekend, the BBC said on Wednesday.
The 24-year-old Fabregas has been linked with a move back to the European champions - the midfielder's former club - ever since the Premier League season ended.
The BBC reported that a senior source at the club had confirmed that all the money generated - likely to be in the region of 40 million euros - by the sale will be reinvested in new players.
Fabregas was named in Arsenal's squad for next week's Champions League qualifier against Udinese but if he were to play, he would be ineligible to play for another club in the competition this season.
The Spain midfielder was close to rejoining Barcelona last summer but was persuaded by Arsenal manager Arsene Wenger to stay for one more year.