The South Korean international has played a grand total of six minutes in the Premier League for the Gunners since joining since signing in the summer of 2011.
He now looks set to drop down to the Championship, with Wigan boss Owen Coyle desperate to add some attacking options to his injury hit side.
Both Marc-Antoine Fortune and Grant Holt are facing spells on the sidelines, meaning Chu-Young may finally get the first team football he has been seeking.
His national team manager spoke publicly last month, claiming that the forward would not be considered for the World Cup finals next summer if he continued to sit on the bench at Arsenal.
Coyle is hoping a deal can be completed to keep the forward on loan until the end of the season, with Wigan facing a packed Championship fixture list.
The Latics also have Europa League fixtures to contend with, although Park would be ineligible for that competition.
The 28-year-old spent last season on loan at Spanish club Celta Vigo, although goals were hard to come by.
Ironically, his only senior goal in English football came against a club managed by Owen Coyle – Bolton Wanderers in the 2011-12 League Cup.