Nwakali, 17, was named as player of the tournament at the U17 World Cup, while Chukwueze, 16, also impressed for the Golden Eaglets.
Sources have told ESPN FC that talks are at an advanced stage between Arsenal and the two teenagers, and the Gunners are hopeful of securing the duo before the close of the January transfer window.
Nwakali, Chukwueze and Egypt international Mohamed Elneny are set to be the only signings made by Arsenal during this month’s transfer window, sources have told ESPN FC