The 19-year-old, who joined the Gunners' academy in 2002, is out of contract at the end of the season.
He is expected to pen a four-and-a-half-year deal at the Emirates Stadium on Tuesday, according to BBC Sport.
Akpom spent part of last season on loan at Brentford and Coventry City.
The youngster has made five appearances in all competitions for Arsene Wenger's side during the current campaign.
Restore Data
| Team | P | W | D | L | F | A | GD | PTS | |
| 1 | Manchester CityMan City | 36 | 26 | 7 | 3 | 91 | 33 | 58 | 85 |
| 2 | Arsenal | 36 | 26 | 5 | 5 | 88 | 28 | 60 | 83 |
| 3 | Liverpool | 36 | 23 | 9 | 4 | 81 | 38 | 43 | 78 |
| 4 | Aston Villa | 36 | 20 | 7 | 9 | 73 | 53 | 20 | 67 |
| 5 | Tottenham HotspurSpurs | 36 | 19 | 6 | 11 | 71 | 59 | 12 | 63 |
| 6 | Newcastle UnitedNewcastle | 36 | 17 | 6 | 13 | 79 | 57 | 22 | 57 |
| 7 | Chelsea | 36 | 16 | 9 | 11 | 73 | 61 | 12 | 57 |
| 8 | Manchester UnitedMan Utd | 35 | 16 | 6 | 13 | 52 | 55 | -3 | 54 |
| 9 | West Ham UnitedWest Ham | 37 | 14 | 10 | 13 | 59 | 71 | -12 | 52 |
| 10 | Brighton & Hove AlbionBrighton | 36 | 12 | 12 | 12 | 54 | 58 | -4 | 48 |
| 11 | Bournemouth | 37 | 13 | 9 | 15 | 53 | 65 | -12 | 48 |
| 12 | Crystal Palace | 37 | 12 | 10 | 15 | 52 | 58 | -6 | 46 |
| 13 | Wolverhampton WanderersWolves | 37 | 13 | 7 | 17 | 50 | 63 | -13 | 46 |
| 14 | Fulham | 37 | 12 | 8 | 17 | 51 | 59 | -8 | 44 |
| 15 | Everton | 37 | 13 | 9 | 15 | 39 | 49 | -10 | 40 |
| 16 | Brentford | 37 | 10 | 9 | 18 | 54 | 61 | -7 | 39 |
| 17 | Nottingham ForestNott'm Forest | 37 | 8 | 9 | 20 | 47 | 66 | -19 | 29 |
| 18 | Luton TownLuton | 37 | 6 | 8 | 23 | 50 | 81 | -31 | 26 |
| R | Burnley | 37 | 5 | 9 | 23 | 40 | 76 | -36 | 24 |
| R | Sheffield UnitedSheff Utd | 37 | 3 | 7 | 27 | 35 | 101 | -66 | 16 |
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