The report reveals that the Gunners have already agreed a £2m fee with London neighbours Charlton for the former Waterloo FC trainee.
Only last month, Charlton's interim coach Karel Fraeye insisted that the wonderkid won't be leaving The Valley, but money appears to have won the day and Ademola seem to be on the brink of a high-profile exit.
However, Arsenal are not the only ones interested in the services of the 18-year-old as Manchester City, Chelsea and Tottenham Hotspur are also monitoring the progress of the forward but it looks a little too late as the Emirates is set to become the new home of the player.
Ademola has scored three goals in nine since appearances for Charlton.
About Ademola
Lookman joined Charlton's academy in 2014 after signing from Waterloo FC, a youth football club based in the London Borough of Lambeth.His impressive goal scoring record for Charlton's U18 and U21 teams led to him making a rapid ascent through the Charlton academy ranks and he made his first-team debut for the Addicks on 3 November 2015. He scored his first goal for the club in a 3-2 defeat at Brighton & Hove Albion on 5 December 2015, and then followed that up with a brace in a 2-2 draw with Bolton Wanderers on 15 December 2015.
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