The Gunners are understood to be locked in talks with the Spanish side to bring the versatile attacker back to London for just £3.25m courtesy of a buy-back clause they has inserted into the deal made between the two clubs in 2012.
Vela has been a revelation in La Liga – netting 36 goals – fulfilling the potential that saw Arsenal snap him up from Chivas Guadalajara in 2005.
Despite his disappointing spell under Arsene Wenger, there has been talk that he will be given another chance next season, but it is understood that his signing may just be used to sell him on at a profit.
Vela’s true value is far above the minimal fee Arsenal will have to pay for his signature, which could see the club make a quick gain.
Sociedad themselves are rumoured to be open to securing a full transfer, while other clubs from Spain, including Atletico Madrid, have been linked with the Mexican.
There is also the possibility that the wide forward could be loaned out with a view to another chance at Arsenal in the coming few seasons.