That's according to French paper L'Equipe, who claims the Gunners are on the brink of recruiting the 20-year-old.
The Atletico Mineiro player hit the international stage this summer at the Confederations Cup, and has been linked with several Premier League clubs including Tottenham.
The news of the deal was revealed by Brazilian reporter Alexandre Oliviera who was quoted as saying last week: "Atletico Mineiro’s Bernard is going to join Arsenal."
He is set to feature for his club in the final of the Copa Libertadores before flying to the UK, having alreayd hinted he wants to leave in a blaze of glory.
"If it's my last game [for Atletico Mineiro] or not, it will be one of the most important titles in my career," he said.