Arsenal agreed terms with Costa Rican side Deportivo Saprissa to sign teenage striker Joel Campbell on Friday, the English Premier League club announced on their official website.
The 19-year-old, who was in the Costa Rica squad for the recent Copa America in Argentina and the Under-20 World Cup in Colombia, had been pursued by a host of European clubs.
"Joel Campbell has already shown that he is a player with great ability, and has also performed well on the international stage at a young age," said Arsenal manager Arsene Wenger.
"We look forward to the formalities of the transfer being completed and working with Joel when he joins us at Arsenal."
Campbell has played six times for Costa Rica, scoring two goals. One of those came on his debut in a 5-0 win over Cuba at this year's Gold Cup as his side reached the quarter-finals.
His second goal came against Bolivia in the Copa America.