The clubs have not yet agreed a transfer fee for the 33-year-old Czech Republic International, but it would a cash only deal and talks will continue this week, the publication reported.
Cech has agreed £100,000-a-week deal for three years with Arsenal that would make him club’s highest-paid goalkeeper ever.
French champions Paris Saint Germain (PSG) tried to hijack Gunners’ move in the 11th hour by offering him a £150,000-a-week deal for five years, but he opted to stay in London for family reasons.
The Blues’ boss Jose Mourinho was reluctant to sell Cech to a major Premier League rival. But club’s owner Roman Abramovich, in recognition of Czech’s royal services at Stamford Bridge, had reportedly allowed him to choose his next destination.
The Iconic shot-stopper has received a guarantee from Arsene Wenger that he will be his no.1 choice if he moves to Emirates, as demanded by him.
The Czech enjoyed a successful decade-long spell at Chelsea after joining the club from Stade Rennais in 2004 for £7 million. However, following the arrival of Thibaut Courtois last term, he become a backup choice and managed just 15 appearances in all competitions. He has one year left on his current contract at Stamford Bridge.
Cech is Blues’ sixth-most capped player in the all-time list, having made more than 500 appearances.
Besides Arsenal and PSG, Cech also attracted interest from a host of other top European club this summer, including Manchester United, Tottenham Hotspur and Inter Milan.