The Gunners came close to signing the Argentina international from Real Madrid three years ago and have been heavily linked with him once again this summer.
The South American assassin has gone on to bag 91 goals in 146 appearances for Napoli, including a record-breaking 36 goals in the Italian top flight last season.
But Juventus have also been linked with the 28-year-old in recent weeks and it was revealed on Friday that he’d undergone a medical ahead of a transfer to Turin.
And the latest reports from Sky Italia suggest Higuain has now completed his move, with the Serie A champions activating his £75.3million release clause.
In more disappointing news for Arsenal fans, the north London club saw a £29million bid for Alexandre Lacazette rejected by Lyon earlier today.
The France international claimed 23 goals across all competitions last season.