The 15-year-old had been the subject of exit rumours over the summer, with reports suggesting his family had doubts about his pathway at the club and that he had attracted interest from both Chelsea and Manchester City.
Arsenal have also pre-agreed a first professional contract with Nwaneri, which will come into effect once he turns 17 in August 2027. He was promoted to Arsenal's under-18s this season and has already gained experience above his age group, including appearances in the UEFA Youth League and Premier League 2, as well as representing England at under-16 level.
Arsenal are also finalising the arrival of Cardiff City midfielder Axel Donczew, 16, who is set to complete a move to the club after becoming Cardiff's youngest-ever first-team player last October, when he came on as a second-half substitute against Newport County in the EFL Trophy aged 15 years and 234 days. The pair of additions follow a run of frustrating misses for Arsenal's Hale End academy in recent years.
Elsewhere, Arsenal are in ongoing negotiations with Hamburg SV over a permanent transfer for Fábio Vieira, with the two clubs having exchanged concrete figures, according to Bild.
Arsenal are understood to have softened their valuation of the 26-year-old playmaker, though their demand still sits above Hamburg's pain threshold, reported to be just under €10 million.
Vieira would like to return to Hamburg after finishing last season on loan there with 13 goal involvements — seven goals and six assists — in 31 appearances, helping the newly promoted side secure their place in the Bundesliga. Despite having a contract in north London until 2027, the Portuguese playmaker has no future at Arsenal, though the club are looking to extract the maximum possible fee should they agree to let him leave.
Arsenal signed Vieira from Porto for around €35 million in 2022, but he never established himself as a regular in the Premier League, making the proposed sale a significant loss on the club's original outlay regardless of the final fee agreed.
Hamburg had an option to buy him for €22 million included in last season's loan agreement but let it lapse, instead working to negotiate a lower permanent fee this summer. With Vieira himself pushing for a swift resolution and reluctant to explore other suitors, the two clubs' ability to close the remaining gap in valuation is likely to determine whether he returns to the Volksparkstadion before pre-season begins in earnest.