The Athletic says an agreement has been struck between Arsenal and Shamrock Rovers for the 16 year-old midfielder.
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It's said the fee will surpass the record £1.6m Tottenham paid St Patrick's Athletic for Mason Melia last year.
Ozhianvuna has already made 15 appearances for the senior Shamrock side and scored once.
However, as he is not a British citizen, Ozhianvuna will sign a pre-contract with the Gunners and eventually move to London in 2027 when he is 18.
It's understood Ozhianvuna will sign Arsenal forms this coming week.