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The two sides are said to have shaken hands on the fee earlier this week, meaning that the Gunners will take a £10m hit on the 29-year-old.
Perez was loaned back to Deportivo La Coruna last season after failing to make an impression in his debut campaign in North London, and Sky Italia claims that he will now leave the club for good.
Personal terms are believed to have been agreed between the Spaniard and Fiorentina, with a medical now expected to be pencilled in.
Lazio were the strong favourites to sign Perez after the player admitted that he ‘liked the idea’ of joining them.