Arsenal have reached an agreement with Besiktas to loan David Ospina for the 2018-19 season according to the Fanatik newspaper.
Per the source, all that is left to be agreed is the buyout clause option.
The Gunners want a £7.1m clause, meanwhile Besiktas want the North London outfit to accept a £5.1m future sale fee.
Under the terms of the deal the Black Eagles would not be obliged to pay the North London outfit a fee at the end of the season but they want intend to sign him on a permanent move at the end of the league campaign.
Turkish-Football reported that Besiktas agreed personal terms with Ospina last week.
Club president Fikret Orman travelled to London on Tuesday with his transfer committee where talks were held with Arsenal over the Colombian international.
Orman returned to Istanbul on Thursday having yet to agree a deal with the Gunners.
The Fanatik report claims that Besiktas have agreed to a £2.25m [€2.5m] wage package with Ospina.
Arsenal manager Unai Emery has revealed that Ospina has been given the green light to leave the Emirates this summer.
Emery made it clear that Ospina, Joel Campbell and Carl Jenkinson have been deemed surplus to requirements.
“[On Thursday] the window closed here in the Premier League,” Emery said. “Today, we had a meeting with the players to close all the possibilities to bring more players. We only have three players: Carl Jenkinson, David Ospina and Joel Campbell, with the possibility to leave.”