Serie A champions Juventus will offer striker Domenico Berardi to Arsenal as part of the deal that would see Chile's Alexis Sanchez take the opposite direction.
The Bianconeri retained the option to bring the youngster back to Turin this summer after allowing him to play for Sassuolo this season.
But they intend to buy him back so as to immediately use him as part of the deal with the Gunners.
Sanchez was bitterly disappointed at the end of the season after Arsenal failed to win the English Premier League but Chile legend Ivan Zamorano says he will not leave the club during the summer.
"I think that Alexis [Sanchez] is recovering his happiness," Zamorano told Omnisport.
"He looks like a happy guy at Arsenal.
"[Arsene] Wenger has squeezed him and he has taken the best of Alexis. This is very important, because when he comes on the pitch motivated, he make the difference.
"He is the best Arsenal player and one of the best forwards in the Premier League. That means that he is working really well."