The 25-year-old attacker, who can play out wide or in a central striking role, helped his side to the Ukrainian title and finished the campaign as the joint leading assist-maker in Europa League action to boot.
Yarmolenko is said to favour a move to Barcelona, whilst Everton have also agreed a fee for the Dyanmo Kiev man, according to Sport.
Arsene Wenger has seen his side draw blanks in their opening home Premier League fixtures with West Ham United and Liverpool and question marks remain over Olivier Giroud’s ability to net regularly.
The 28-year-old has scored just one goal in his last ten Premier League appearances, and the Gunners have been linked with numerous forwards over the summer, with Real Madrid forward Karim Benzema and PSG ace Edinson Cavani (via The Daily Mail) being the two most prominent names to crop up regularly.
Yarmolenko netted 19 goals last term and has racked up a total of 95 goals since making his debut for Dynamo Kiev back in May 2008.