Talks will take place on Monday to form the deal. The Australian will supposedly sign a two-year deal with the fee yet to be agreed.
Schwarzer was ruled out of Fulham's opening game of the season at Bolton with a back injury meaning that if the move goes through, his last game as a Fulham player will have been the Europa Cup final where Fulham lost out to Atletico Madrid.
£3 million is the figure being speculated for the move and it's thought if it goes ahead, Schwarzer will take the No. 1 jersey ahead of Manuel Alumnia, who is Arsenal's current No. 1.