Fulham have agreed a deal with Arsenal for attacking midfielder Emile Smith Rowe worth £34 million ($43.7) including add-ons, sources have told ESPN.
The transfer agreement sees £27m go to Arsenal as a fixed fee with a further £7m in extras.
Smith-Rowe, 23, becomes Fulham's first permanent transfer of the summer as they look to reinvest the money made from João Palhinha's move to Bayern Munich.
The attacking midfielder made his Arsenal debut in the Europa League against Vorskla Poltava in September 2018 after coming through the club's academy, establishing himself in the first team in 2020 after loans to Huddersfield and RB Leipzig.
In all he made 115 appearances for the north London team, scoring 18 goals and providing 13 assists.