The Spain international midfielder is expected to become the Gunners' third permanent senior signing this summer after goalkeeper David Raya and defender Riccardo Calafiori.
Arsenal have agreed a deal in principle with Sociedad to sign the 28-year-old, who has previous Premier League experience with Newcastle.
The deal is worth an initial £28.4 million plus £4.2 million in add-ons for the midfielder, who played in all seven matches of Spain's Euro 2024-winning campaign.
He had entered the final 12 months of his deal at Sociedad, and was not in their squad for the 1-0 win over Espanyol on Saturday.
Arsenal, meanwhile, defeated Aston Villa 2-0 at Villa Park on Saturday evening, with goals from Leandro Trossard and Thomas Partey.
Arteta often remains tight-lipped about Arsenal's transfer business, but broke ranks after the game to admit that, while he is 'really happy' with his current squad, there is still one area he want to do business in.
He explained: "It's true we had an injury with Gabriel Jesus, and we missed him. We are a little bit short [in forward areas] and if we can do something, then we will do it.
"I was watching the games today and every game is a big fight, the standard of the league has gone to another level again with the level of coaches.
"If everybody is fit, yes [we have enough quality to win the Premier League]. But that's why we need good availability from everybody. We don't have 23 outfield players, and normally you have to be equipped like that.
"We have to trust some academy players and make sure we look after the ones that we have to be robust and play a lot of minutes. So far looking good. I'm happy."
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