The 24-year-old has been prolific since joining Belgian side Club Brugge, with 43 goals and 43 assists in his 108 games across all competitions.
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According to The Athletic, Tzolis is set to join Arsenal after the reigning Premier League champions agreed a €40 million fee.
Mikel Arteta’s side are now in the process of finalizing the deal with an announcement expected soon.
Arsenal have been looking to sign a new left winger, and it’s understood that this deal will have no effect on their interest in Aston Villa’s Morgan Rogers.
The deal to sign Tzolis comes just a day after Leandro Trossard’s move to Turkish giants Besiktas was made official.