The Sun says the Gunners deal will go through this week and the player's agent, Alfredo Cabrera Brizuela, said: "He will make his decision based on football and that points to the Gunners.
"He will have no problem playing in England because he is a world-class player and will be successful in any country.
"This week is very important because he wants to have a holiday knowing he has his future sorted out."
But other sources state the deal is not quite done yet. According to reports his agent Alfredo Cabrera is in England to try to negotiate Saviola's move to The Premiership, but admits the player will return to Camp Nou if a transfer is not brokered.
"There are three English teams interested in Saviola and that's why I am in London," said Cabrera.
"I already had meetings with officials of Panathinaikos and PSV Eindhoven, and now I have to listen to what the English teams want to offer.
"Despite all this, if we don't reach an agreement with any team before July 17, Saviola will present himself at Barcelona for the pre-season work as his transfer belongs to that club."