According to French publication Nice Matin, the Gunners have seen their offer of £3.25 million accepted by the Ligue 1 club and all that remains is ironing out the final details with Ospina already agreeing personal terms.
The transfer is now expected to be completed in the next few days with the goalkeeper, who only has a year remaining on his current deal with Nice, set to complete his switch.
If the signing is indeed confirmed, then it will be another feather in the cap of Arsene Wenger, who has been criticised over the past few years for not being proactive enough in the transfer MARKET.
However, after completing big-money signings of Mesut Ozil and Alexis Sanchez, Wenger has made his statement of intent in the transfer market pretty clear.
Ospina is a talented young goalkeeper, who already has plenty of experience with the national team, and the undisputed Colombia No.1 will provide Szczesny some much-needed competition.
Arsenal's No.1 choice goalkeeper has the penchant for becoming a little too over confident at times which invariably leads to silly mistakes. But with an equally talented player vying for that first-choice place in the lineup, Szczesny should improve considerably making it a win-win for Arsenal and Wenger.
The Gunners are also expected to announce the signing of right-back Mathieu Debuchy this week, with Newcastle pretty much sealing the signing of Netherlands international Daryl Janmaat as the France international's replacement.
Wenger is also in the market for a holding midfielder, with Sami Khedira, Lars Bender and Morgan Schneiderlin all on the manager's radar, while the club are likely to sign a central defender before the end of the transfer window.