This is according to respected publication France Football, and brought to our attention by talkSPORT, who claim Fortune is set to become Arsenal's first summer signing.
Lens, Fortune's current employers, are due to receive compensation for the France Under-16 international - but it's unclear how much the Ligue 1 outfit can expect to claim.
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It was reported in February that Manchester United were looking to add Fortune to their ranks, after the teenager impressed while on international duty at St George's Park.
Fortune scored in France Under-16s' 2-1 win over Switzerland, and also played several days later against England.
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Arsenal beat United to Fortune
That Fortune shares the same agent as Timothy Fosuh-Mensah, who signed for United from Ajax in 2014, suggested the Red Devils were in pole position to land the exciting striker.
However, it seems Arsenal have won the race to sign the striker, and that terms on a contract have already been agreed.
While the Gunners faithful will be excited to discover more about the talented youngster, there's likely to be a degree of skepticism from many fans.
Arsenal fans might be sceptical
Arsene Wenger has brought a host of teenage strikers to the Emirates Stadium in recent years and most of them have flattered to deceive.
The most recent example is Yaya Sanogo, who Arsenal snapped up in 2013 following his eye-catching performances for Auxerre and the French Under-20 side.
The 22-year-old, while admittedly still raw, has failed to score a single Premier League goal in 21 appearances - 11 with Arsenal and a further 10 with loan club Crystal Palace.
Fortune is not expected to be ready for Arsenal's first team for at least a couple more years, but will have the chance to continue learning his trade alongside top players and under top youth coaches at the Emirates Stadium.
Whether Manchester United will end up regretting their failure to secure Fortune's services will ultimately depend on what he goes on to achieve at Arsenal over the forthcoming years.
But at the moment it's too early to tell whether or not he's the real deal and, indeed, the striker Arsenal have been crying out for since Thierry Henry left the club for Barcelona in 2007.
Arsenal fans: are you excited by the signing of Yassin Fortune? Have your say in the comments below!