Hincapie has a €60 million (£51.8m) release clause in his deal with Leverkusen and the Bundesliga side have wanted Arsenal to pay the full amount.
However, The Athletic reports that Arsenal will sign Hincapie on loan but have an obligation to buy the defender for €52m (£45m) next year.
Leverkusen have also negotiated a 10 per cent sell-on clause as part of their agreement with Arsenal.
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Hincapie, who has agreed a five-year contract with Arsenal, will travel to London this weekend to undergo a medical.
Piero Hincapie will travel to London this weekend to finalise his move to Arsenal (Getty)
Speaking during his time as Leverkusen’s head coach, Xabi Alonso was full of praise for Hincapie’s ability.
‘I think he’s a very modern defender,’ Alonso said.
‘He can play in different positions. He’s served us as a full-back in recent games, but has also been the left centre-back when we’ve played with a back three.
‘He’s aggressive, is making better decisions when he has the ball, backs himself more to play diagonal passes and get in behind.
‘It motivates me to have a player with his potential and desire because he helps you and you help him. He’s a great player.’
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