Brahimi looks set become the Gunners’ first summer signing once his Porto contract expires.
The winger has reportedly turned down three offers from Turkey in favour of a move to the Premier League club.
Having previously been linked with West Ham and Everton, he rejected Fenerbahce, Galatasaray and Besiktas after Arsenal emerged as an option.
Gunners boss Unai Emery is still chasing a marquee signing, with Crystal Palace star Wilfried Zaha top of his wanted list.
But with a transfer budget of just £45m, Brahimi represents a bargain signing who would provide plenty of top-level experience at minimal cost.
The 29-year-old operates primarily as a left winger, but he can also play in an attacking midfield role.
According to Algerian source La Gazette du Fennec, Arsenal will offer him a £3.5m signing-on fee to ensure they secure his signature.
Brahimi has starred for Porto over the past two seasons, scoring 25 goals in all competitions.
Known for his long-range strikes, the Algeria international has won the Primeira Liga’s Goal of the Month three times in recent campaigns.
And with a strike rate of a goal in four games over the course of his career, Brahimi’s threat will have been well noted by Emery.
The report adds that he will not officially sign with Arsenal until after his participation in the African Cup of Nations concludes.
Brahimi came off the bench in his nation’s 2-0 victory over Kenya, played no part in Algeria’s 1-0 win over Senegal but could be involved when they face Tanzania later today (8pm UK time).
Meanwhile, Gunners legend Patrick Vieira has ben backed to take over the vacant managerial role at Newcastle.
Rafa Benitez walked away from the Magpies after being unable to agree terms on a contract extension.
“I don’t see why [Vieira shouldn’t do it]. He’s done some groundwork in management and it would be a good fit. It would be a good challenge,” ex-Arsenal goalkeeper Lee Harper told Love Sport Radio.
“Newcastle are a big club with a great fan base, something Patrick would thrive on.”