Negotiations are on-going but it is understood a fee is expected to be agreed in the region of £2.2million for the 20-year-old centre-back.
Mavropanos, who is yet to feature for the Greece national team but has represented his country at Under-21 level, is believed to be due in London imminently to discuss personal terms and undergo a medical.
The signing is viewed as a long-term move, however, as Mavropanos would be immediately loaned to Werder Bremen rather than become part of Arsenal’s first-team squad for the second half of the campaign.
Speaking to press ahead of Wednesday’s clash with Chelsea, Arsene Wenger admitted the club are looking to do business in the window.
"We are out there and look of course to do some things," he said.
"We will do but when is very difficult to say because that does not depend only on us. We are open to any position for the exceptional player that can give us a plus. It depends a little bit on the injuries as well.
"On the other hand it depends if we manage to extend the contracts of the players who are at the end of their contracts in June.”