Reports in Spain say the two supremos will sit down to discuss terms on what is likely to be a loan deal rather than a permanent transfer.
The Gunners have made the 22-year-old central midfielder a priority this summer, despite facing competition from Tottenham.
Caballos recently hinted at his excitement over a move to one of the London clubs with a post on Instagram.
He got Arsenal fans excited by uploading an image of himself in a typical red UK phone box while in a theme park in America.
Ceballos joined Real Madrid in 2017 from Real Betis’ reserve squad and is one of their most promising young talents.
The 22-year-old has amassed 56 appearances in the famous all-white kit, scoring five times in the process.
Gunners boss Unai Emery has reportedly requested that billionaire owner Kroenke does his utmost to recruit Ceballos.
Spanish outlet ABC claim Kroenke and Perez will sit down and chat about the player’s future before Real play Arsenal in the International Champions Cup.
The pair will discuss a loan move on Wednesday, but it is claimed there will be no option for the Gunners to make the move permanent.
Emery’s spending has been restricted this summer due to the Emirates outfit’s £45m transfer budget.
Young striker Gabriel Martinelli is Arsenal’s only signing thus far, arriving from Brazilian side Ituano.
He scored on his debut and impressed with lightning quick pace against Fiorentina in a 3-0 win last night.
Emery is still on the look out for a winger and is also trying to close a deal for Celtic’s Kieran Tierney.
Starsport understands the Hoops have rejected two bids from Arsenal for Scotland left-back Tierney – the latest of which was worth £25m
According to Celtic manager Neil Lennon, they are yet to go back in with an improved offer.
The Scottish champions are understood to be unhappy with the structure of the proposed deal because they want more money up front.