The Egyptian midfielder is in London to undergo a medical and agree personal terms on a reported £5million move from FC Basel.
While the transfer is yet to be officially confirmed by Arsenal, the manager of the North London club has indicated a deal is set to be complete which could allow 23-year-old Elneny to make his Gunners debut against Stoke City at the Britannia Stadium this weekend.
Following Wednesday night's 3-3 draw at Liverpool, Wenger said: "Elneny will join us. We will see if he can qualify for Sunday."
Egypt international Elneny has been with Swiss club Basel since 2013 after joining from Cairo-based El Mokawloon.