Arsenal have fought off interests from league rivals Everton and are set to sign striker, according to British media reports.
The 27-year-old, who scored in Deportivo's 2-1 win against Eibar last Friday, netted 17 goals in 37 appearances in all competitions last season.
Arsenal's efforts to bolster their strike force have been thwarted with Olympique Lyonnais rejecting a bid for Alexandre Lacazette and Jamie Vardy committing his long-term future to Leicester City after being pursued by the North London club.
Arsenal manager Arsene Wenger's only forward signing in the current transfer window has been 21-year-old Japan international Takuma Asano.
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(Reporting by Nivedita Shankar in Bengaluru; editing by Amlan Chakraborty)
