Aneke spent the majority of last season with Crewe, scoring eight goals in 38 appearances for the League One outfit.
The 20-year-old was part of the Arsenal squad that toured Asia last month, but will head back to Crewe today to gain further first-team experience.
Crewe boss Steve Davis has revealed that the loan switch was agreed last night and is delighted to sign a player he thinks can give his side strength and creative impetus.
He told the club's official website: "We have managed to reach an agreement with Arsenal over Chuks and we are going to sign him on a six-month loan until January.
"We know the talent he has and he will be a good addition to the squad. I initially saw the ability he had and asked the supporters to have patience with him. They did that and in the end we saw what a huge talent he is.
"Chuks is a very creative player, who can play that killer pass behind centre-halves and full-backs. He is a big, strong lad and has two great feet. We are absolutely delighted to have him back. He made his wish to come back here and we can only thank Arsenal for all their help."
Aneke joined Crewe for training this morning, with the club awaiting Football League clearance to name the youngster in tomorrow's squad for their League One opener against Rotherham United.