The 26-year-old German international striker, who currently plies his trade in the Bundesliga with Cologne, is set to move to north London this summer in a £10.9million.
In addition to Podolski, Arsenal are ready to smash their record transfer fee – £15 million paid for Andrey Arshavin – to sign £30 million-rated Borussia Dortmund starlet Mario Goetze, and could make even further additions in what promises to be a busy transfer window for the club.
"If we find the right person for the right position we are happy to buy," said Arsenal chairman Peter Hill-Wood. "We have got enough to pay anything but silly prices."
Club officials travelled to Germany earlier this week following talks with Cologne and Podolski's representatives, in the hope to tie up an early deal and avoid last summer's transfer debacle.
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