Montpellier forward and French international Olivier Giroud has signed a four-year deal with Arsenal, France Football reports.
The deal will be made official following Giroud's return from the Euros.
Giroud was joint-top scorer of Ligue 1 a season ago, providing 21 goals while helping lead Montpellier to its first-ever title in the French top-division.
His exit clause has been rumored to be set at €12 million, although that sum might rise to around €16 million, Goal India have reported.
Giroud will earn £50,000 a week in his new deal at Arsenal, a jump from the £15,000 he was earning weekly at Montpellier.
The 25-year-old French international, who made his first appearance in a competitive match for France last Friday against Ukraine, joins Lukas Podolski as the first two recruits manager Arsene Wenger has brought to the Emirates this summer.
Podolski celebrated his 100th cap for Germany with a goal in a 2-1 victory over Denmark on Sunday. At 27, he is the youngest-ever European player to earn that number of caps for his country.