The Gunners have endured a difficult summer of transfer activity, with Granit Xhaka their only notable signing so far.
Over the course of the past few weeks, calls from irked fans for additions have intensified, with injuries to both Per Mertesacker and Gabriel having reduced Arsene Wenger’s options in defence, while Olivier Giroud remains the club’s only recognised centre-forward.
But reports claim that both areas are set to be addressed in the coming hours, with Mustafi and Perez due to undergo medicals in north London.
It’s understood that a fee of close to £35m has been agreed for the Valencia man, while the Deportivo forward’s €20m (£17.1m) release clause has been triggered.
The pair, assuming all goes well during routine medical examinations, will take Arsenal’s summer spending to close to £100m.
Perez netted 17 La Liga goals last term for the Riazor club, while Mustafi, a classy centre-back, has helped Germany to World Cup glory in recent years.