Pierre-Emerick Aubameyang is poised to sign a new three-year deal with Arsenal, keeping him with the club until 2023.
The forward's contract had been due to expire in 2021, leading to speculation that he could depart in the summer.
Aubameyang had remained tight-lipped on his future following Arsenal's FA Cup win over Chelsea, but Gunners boss Mikel Arteta had remained confident that he would stay at the Emirates.
The contract will cover the 12 months he had left to run on his current deal at the Emirates, and extend his stay in north London by a further two years.
Talks are in advanced stages and 'verbal promises' have been made. He is expected to sign the contract and commit his future to the club unless any problems or discrepancies are found in the proposed contract.
Although not quite in the same league as £350,000-per-week Mesut Ozil, Aubameyang's new contract is reportedly worth over £250,000 per week - plus lucrative bonuses.
In addition to the pay rise, the Gabon international was also assured that Arteta is building a team to challenge for a top four spot and earn a Champions League place next season.
Aubameyang has been with Arsenal since 2018, but is yet to play in European football's most prestigious cup competition with the Gunners, who have finished fifth and eighth since he arrived in north London.
The 31-year-old has been Arsenal's top scorer in each of his two seasons at the Emirates, hitting 54 goals in 85 Premier League appearances.
Aubameyang found the net twice in the Gunners' recent FA Cup final victory over Chelsea - the first major trophy the club have won since he signed from Borussia Dortmund two years ago.
The new lucrative contract for their star man comes in the same week that Arsenal announced that they would be making 55 staff redundancies due to the coronavirus pandemic.