Arsene Wenger is expected to land Brazilian starlet Zezinho in January.
The 17-year-old playmaker had a trial with the Emirates club this summer, and a fee is thought to have been agreed by the two parties after Arsenal had two previous bids rejected.
Juventude, who play in the Brazilian second tier, turned down offers in the region of £1.5 and £2.75 million previously. Their valuation of £7 million was thought to be the major stumbling block, but with club debts forcing their hand, a £5 million bid will finally be enough to land the long-term target of Wenger.
Liverpool have also previously shown interest, but the youngster is keen to join compatriot Denilson in North London.
"My time at Juventude ended on Saturday," said Zezinho.
"I thought that I would continue in the Gaucho, but my agent said that it is impossible. He told me that Arsenal will submit a new offer to Juventude and this time it will be solved.
"The only proposal is from Arsenal."
