Gunners boss Arsene Wenger was hoping to bring the Costa Rican youngster to the Emirates last month until talks broke down.
Despite interest from Manchester United and Spanish giants Real Madrid, the 19-year-old has said he is on course to sign for Arsenal.
"We are talking to Arsenal again," Campbell told crunchsports.com. "I have not signed yet, but I'm waiting to hear from my agents."
The Premier League side are reportedly offering £1m for the teenager.