According to Sky source, Perez will now undergo a medical and discuss personal terms before the move can be finalised.
Deportivo La Coruna announced Perez had been withdrawn from their squad for the trip to face Real Betis in Laliga on Friday night.
The club said in a statement: "The striker Lucas Perez will not fly to Seville, with permission of the club."
Arsenal boss Arsene Wenger has made no secret of his desire to bolster his striking options this summer, but attempts to sign Lyon star Alexandre Lacazette have failed.
Known simply as Lucas, he is a late developer, having spent much of his early 20's in the Spanish lower leagues playing for Atletico Madrid's junior team.
He had loan spells at Rayo Vallencano and Karpaty Lviv in Ukraine, but kick-started his career in Greece with PAOK Thessaloniki.
He returned to Spain on loan with Deportivo, and was such a success that they signed him on a permanent deal last summer.
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