The 21-year-old, who reports suggest would prefer a move to Liverpool, is now discussing personal terms with the North London club.
The Monaco winger has been linked with Arsenal for much of the summer, while recent reports have also claimed that there were approaches from Liverpool and Barcelona too.
The News was first confirmed by Telegraph journalist James Ducker, He said that the offer has been accepted.
He tweeted: “I'm told that Monaco and Arsenal have agreed a fee for Lemar but that it's now down to the player to decide if he will go #AFC.”
The Ligue 1 champions have driven a hard bargain on Lemar, insisting he would not be sold this summer after seeing their title-winning side torn apart.
The move has been slammed by former Crystal Palace chairman Simon Jordan, appearing as a pundit for Sky Sports.
He said: “I don’t think it smacks of well-oiled good order, do you?
“Because if you’re bidding £90million at four o’clock on transfer deadline day, I’m not so sure you’ve got all your ducks in line.
“So whether it smacks of a PR mechanism to appease the ever-resentful Arsenal fans. Or whether it’s good business, time will tell.
“To me it smacks of a little bit of nerve-breaking, of desperation. It smacks of a January transfer rather than an August transfer."
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