The Nigerian U17 duo have been tracked by a host of Europe’s top clubs have helped Nigeria win last year’s FIFA U17 World Cup in Chile.
Manchester City and Bayern Munich are two of the clubs who have been linked with moves for the midfield pair.
ESPN FC reports that talks between Arsenal and the two youngster are at an advanced stage.
The Gunners are hopeful of wraping up the signing of Nwakali, 17, and Chukwueze, 16 in the January transfer window.