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Akpom spent the second half of last season on loan at Sint-Truiden where he impressed, scoring six goals in 16 Jupiler League games.
Akpom has just one year remaining of the lucrative deal he signed at the Emirates in February 2015. Since then Akpom has gone on loan spells to Nottingham Forest, Hull City and Brighton and Hove Albion.
A permanent transfer is expected to go through either this weekend or early next week.