The clubs have reached a deal in principle and the 25-year-old has agreed personal terms.
Arsenal are set to pay in the region of £30m for the Chile international, who joined Barca from Udinese in 2011 and has scored 43 goals in 119 appearances.
There are still some details to be ironed out before the Sanchez move is sealed.
Liverpool were keen on recruiting the forward as part of the deal that is likely to take striker Luis Suarez from Anfield to the Nou Camp, but that is now expected to be a straight cash transfer.
Juventus had also shown a strong interest in Sanchez but are reportedly closing in on Real Madrid forward Alvaro Morata.
In addition to pursuing Debuchy, Arsenal are still in the market for a holding midfielder and back-up goalkeeper.
Their move for the 28-year-old defender is at an advanced stage but the clubs are yet to agree a fee, with Newcastle understood to be seeking in the region of £10m.
Debuchy would replace Bacary Sagna, who left Arsenal to join Manchester City.
Should the proposed transfer go through it would double the Magpies' money on a player who joined from Lille for £5m in January 2013.
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