Uruguay midfielder Lucas Torreira and France Under-20 international Matteo Guendouzi are set to have medicals at Arsenal on Monday.
The Gunners have an agreement in place with Serie A side Sampdoria for the £26m transfer of 22-year-old Torreira.
He is seen as a key recruit by new Arsenal boss Unai Emery, who has already made three signings.
Midfielder Guendouzi, 19, will join from Lorient and is viewed as a top-level prospect for the future.
A deal for defensive midfielder Torreira – who is 5ft 6in and has been capped eight times by Uruguay – was agreed before the World Cup, where he helped his country reach the quarter-finals, where they were beaten 2-0 by France.
Arsenal have also signed Switzerland defender Stephan Lichtsteiner on a free transfer from Italian champions Juventus, while Germany goalkeeper Bernd Leno has agreed to join from Bayer Leverkusen.
Greece defender Sokratis Papastathopoulos has arrived at Emirates Stadium from Bundesliga side Borussia Dortmund.