The England international made his Gunners debut in 2008 and has made 197 first-team appearances.
The Gunners, who finished sixth last season, had previously signed Swiss defender Stephan Lichtsteiner on a free from Juventus, while midfielder Granit Xhaka extended his contract.
City amassed 100 points and scored 106 goals while finishing 19 points clear of second-placed Manchester United in the 2017/18 season.
The latest development in the on-off transfer saga came after FFF chief Noel Le Graet had earlier said: "Nabil Fekir is in the process of being transferred."
British and French media have been reporting for several days that the 24-year-old was on the verge of joining Liverpool for 60 million euros (71 million dollars, 53 million pounds).
Since Abramovich's takeover, Chelsea have been England's most successful club, winning five Premier League titles, a first-ever Champions League, the Europa League and five FA Cups in 15 years.
United are aiming to close the gap on Manchester City, who won the Premier League by a record 19 points from their local rivals.
In his final campaign with Manchester City, Yaya Toure's relationship with Pep Guardiola deteriorated and he made only one Premier League start.
Zinedine Zidane stepped down as Real Madrid head coach after guiding the Spanish giants to a UEFA Champions League treble
Known as a manager who wants his teams to play attractive, attacking football, Silva believes Everton fans will be proud of what they see on the pitch next season.
Mohamed Salah faces a fight to play in any of Egypt's World Cup group games, according to one of Liverpool's physiotherapists.
Monaco midfielder Fabinho will join Liverpool following the World Cup finals in Russia, the French Ligue 1 club and the Premier League giants announced Monday.
Fulham defended heroically to end the club's four-year exile from the Premier League.
The Argentine, who has led Spurs to three successive top-three finishes in the Premier League, has penned fresh terms to keep him in north London until 2023.
Emery, 46, left PSG this month after winning Ligue 1 and four domestic cups in two seasons in the French capital.
Wenger guided Arsenal to three Premier League titles, including the famous Invincibles 2003-04 unbeaten season, and seven FA Cups.
Guardiola arrived in Manchester boasting a glittering CV, including two Champions League crowns and three La Liga titles with Barca and three Bundesliga triumphs with Bayern.
Moyes succeeded Slaven Bilic in November when West Ham were in the relegation zone and guided the team to safety.