Velez Sarsfield youngster Maximiliano Romero has told TyC Sports that talks over a move to Arsenal are at an "advanced stage."
Ole reported news of Arsenal's interest in the player in January, and Argentine website Infobae has now claimed Arsenal are prepared to pay €6 million for the 16-year-old striker, who has yet to make his league debut for Velez.
The offer would see Romero remain with Velez for a further two years before moving to London.
"Talks with Arsenal are at an advanced stage," the player said. "It is an immense joy that has appeared in my life. We must begin to learn English."
The player's agent, Rolando Zarate, told TyC that talks he had held successful talks with Arsenal.
"Maxi has huge potential," he said in quotes translated by Marca. "I went to London to talk about Arsenal's offer, and then took it back to [Velez president] Raul Gamez.
"Arsenal agreed to our main terms: that the player remains at Velez for two more years. Maxi is going to complete his apprenticeship at a great club like Velez. I met with Arsene Wenger twice in London. I negotiated with him and then with his assistants.
"They heard about Maxi Romero through their scouts in America. He was the player who most impressed them."
Velez president Gamez said: "They have made an offer for Maxi Romero. I don't want to talk figures just yet, but it's a big offer."