The Gunners will talk to the Brazilian, who is surplus to requirements under Pep Guardiola at the Allianz Arena, in the coming days after having an offer accepted over the weekend.
Reports in Germany have suggested that new Bayern boss Pep Guardiola has no plans to utilise Gustavo this season.
Wenger made his move for Gustavo at the end of last week after Bayern chief executive Karl-Heinz Rummenigge had admitted that they were willing to listen to offers for him.
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