According to reports, the Armenian is in London with his agent, Mino Raiola, to complete a medical with the Gunners ahead of an imminent straight swap deal that will see Alexis Sanchez join Manchester United.
It had been claimed that Mkhitaryan would ask for the same massive salary Arsenal had offered to Sanchez to try to keep him to stay, which would have been around £300,000-a-week.
But according to The Mirror, Mkhitaryan has settled on a £200,000-a-week deal – which still represents a massive pay hike compared to what he was earning at United.
It also means Mkhitaryan is now the biggest earner at Arsenal, though the Gunners have tabled a contract offer to Mesut Ozil – whose current deal expires in the summer – that would eclipse that offer.
As well as earning a bumper deal at Arsenal, Raiola also secured a hefty pay-off on the last two-and-a-half years of Mkhitaryan’s United contract, even threatening to scupper the Sanchez deal if they did not pay up.
The 28-year-old’s contract works out at around £10.4m a year before tax, which is significantly less than the deal Sanchez has received at Old Trafford.