Talks progressed quickly on Wednesday on a deal which Chelsea have indicated is worth £62.5m ($79.4m) plus a further £5m ($6.3m) in performance-related add-ons.
Personal terms are close to being finalised and Havertz is set to become Mikel Arteta's first summer signing as the Gunners seek to progress deals for West Ham midfielder Declan Rice and Ajax defender Jurrien Timber.
ESPN reported on Monday that Havertz had informed the Blues he had no interest in signing a new contract with the club.
His present deal expires in 2025 and Chelsea do not want to be in a position where the 24-year-old runs his contract down, therefore depreciating in value.
New Chelsea boss Mauricio Pochettino wants to revamp his forward line this summer and is willing to allow Havertz to depart.
Sources have told ESPN that during conversations, Arsenal have indicated that in addition to being capable of operating as a No. 10 or No. 8, they see Havertz as a possible option in any of three attacking positions in an interchangeable forward line at the top of a 4-3-3 system.
Havertz scored the winning goal in the 2021 Champions League final but struggled to find consistency in his performances, scoring 32 goals in 139 games in all competitions.