Emmanuel Adebayor has passed a medical and will move to Manchester City once his work permit is approved.
The Togo striker, who has spent three-and-a-half seasons at Arsenal, is believed to be valued at £25m.
The 25-year-old, who scored 16 times for the Gunners last season, has also been linked to AC Milan and Chelsea.
City boss Mark Hughes said as Carlos Tevez was unveiled: "There have been discussions and possibly a deal to be done but nothing has been concluded."
Speaking at the press conference to announce the signing of the former Manchester United striker, Hughes admitted that there could be more arrivals at the big-spending club before the start of the season.
"It may well be that opportunities will present themselves. We still have areas we want to strengthen," he said.
City are intent on building a new-look attack and as well as Tevez have also added Paraguayan Roque Santa Cruz to their ranks this summer, having signed Craig Bellamy last season.
The Eastlands outfit are eager to break into the Premier League's top four this coming season and have shown their determination with their close-season spending.
Midfielder Gareth Barry was bought from Aston Villa, and from under the noses of last season's Premier League runners-up Liverpool, for £12m and City paid Blackburn about £18m for Paraguay international forward Santa Cruz.
City completed a deal for Tevez on Tuesday - the Argentine joining after City paid a fee of about £25m to secure his registration from third party ownership after his contract with Premier League champions Manchester United expired.
And if Adebayor also makes the switch to Eastlands, City will have captured players from three of the leading six clubs in the top flight last season.
In Adebayor, City would be buying a player who has scored 62 goals in 142 appearances for Arsenal since he joined the Gunners from Monaco for £7m.
He hit 30 goals in the 2007/08 season but struggled with injuries in the last campaign and also incurred the wrath of some Arsenal fans, who felt the striker lacked commitment.
With the influx of big-name players at Eastlands comes a new challenge for manager Hughes, according to former Manchester City player Dennis Tueart.
He told BBC Radio 5 Live: "The big challenge for managers now is to manage extremely wealthy young men, who do not need to work beyond their football careers.
"How does that affect their psyche and professionalism? These are things that the manager has got to sort out."
Source: BBC
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