Personal terms on a five-year deal have also been agreed in principle.
Mosquera is expected to fly into the UK in the next 24-48 hours for a medical and to finalise the move.
Arsenal are hopeful all will be sorted in time for Mosquera to be part of the squad that flies out to Asia for the club’s pre-season tour on Saturday.
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Mosquera has effectively confirmed his departure from Valencia. “This is my home and it always will be,” he told Spanish radio station Radio Marca Valencia.
“I arrived here at 12 years old and I’m leaving as a man. I’m a bit sad.”
Arsenal’s summer window so far
In
Kepa Arrizabalaga – Chelsea, £5m
Martin Zubimendi – Real Sociedad, £51m
Christian Norgaard – Brentford, £15m
Out
Jorginho – Flamengo, free
Kieran Tierney – Celtic, free
Nuno Taveres – Lazio, £4.3m
Marquinhos – Cruzeiro, undisclosed
Takehiro Tomiyasu – released
Thomas Partey – released
Sky Sports to show 215 live Premier League games from next season
From next season, Sky Sports’ Premier League coverage will increase from 128 matches to at least 215 games exclusively live.
And 80 per cent of all televised Premier League games next season are on Sky Sports.
