The Gunners have been tracking £45million-rated Benzema as they seek to beef up their attack.
Arsene Wenger is thought to have instigated a move and made the Frenchman one of his top targets.
And according to The Metro, Arsenal's pursuit of Benzema appears to be in the endgame with an offer of around £35m being enough to clinch his signature.
Eazysport quote Italian football journalist Emanuele Giulianelli, who said: "Arsenal mission tomorrow in Madrid to close the deal for Benzema.
"Offer will be around €50mln."
Giulianelli expects Benzema to put pen to paper on a four-year deal and he claims the striker's contract will see him earn £120,000 a week.
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