It was reported over the weekend that the Gunners have sealed a deal for the Bosnian, who will sign a five-year contract.
It is believed that the 23-year-old, whose contract at Schalke will expire at the end of the season, had attracted interest from all over Europe.
Bundesliga expert Olly Knaack told talkSPORT: "He was in the mix for a few other clubs as well - Juventus, Manchester City, Everton and Liverpool were mentioned, but obviously it looks like Arsene Wenger has the most money available, and was most eager to sign him.
"And the other argument for Kolasinac is there are a few other players he knows from the Bundesliga - a few other German players [at Arsenal]. He will fit in perfectly at Arsenal."
Kolasinac has made 25 Bundesliga appearances this season and has even contributed with three goals and five assists.