Gunners boss Arsene Wenger has been given in excess of £70m to spend this summer and Higuain's signature has been his No 1 priority for some time.
Juventus were also monitoring the 25-year-old's situation but they have switched their attention to Higuain's international team-mate Carlos Tevez.
On the move: How Higuain would look in an Arsenal kit, in our mocked-up image
'Juventus is a great club, but Gonzalo is too expensive for them.
'Napoli are a strong team. Having said that, I cannot deny that Gonzalo is now close to Arsenal.'
Higuain's signature will smash Arsenal's club record transfer fee and he is expected to be on £150,000-a-week at the Emirates.
Spell: Argentine international Higuain has been at Real Madrid since 2007 after joining from River Plate