Striker Joel Campbell will join Olympiacos on loan for the 2013/14 season.
The 21-year-old Costa Rican attacker, who joined Arsenal from Deportivo Saprissa in August 2011, moves to the Greek champions to gain further first-team experience.
He has previously completed season-long loans with Real Betis in 2012/13 and FC Lorient in 2011/12.
Having excelled for the Costa Rica Under-17 and Under-20 sides, Campbell has now established himself at senior level, scoring seven goals in 25 appearances for his country since making his debut in June 2011.
Everyone at Arsenal Football Club wishes Joel well for his time with Olympiacos.
The loan move is subject to the completion of regulatory processes.Copyright 2015 The Arsenal Football Club plc. Permission to use quotations from this article is granted subject to appropriate credit being given to www.arsenal.com as the source