Gunners officials have been working throughout the summer in a bid to strengthen an injury-ravaged defence and limited forward line and an agreement has finally been reached to bring in two of La Liga's top performers last season.
Perez, 27, scored 17 league goals in 2015-16 and was scouted several times by Arsenal, who originally opted to bid for Jamie Vardy instead. The Leicester striker subsequently rejected a move to the Emirates Stadium, signing a new contract with the Foxes and leaving Arsene Wenger to work on other targets.
An offer of €20 million (£17m) was accepted by Deportivo on Friday, €6m of which will go to Perez's former club PAOK, and Arsenal have beaten both Everton and Valencia to the Spaniard's sought-after signature.
Mustafi will follow Perez to north London after Valencia accepted an offer of £35m for the Germany centre-back. Talks over a deal for Mustafi have been ongoing for almost three weeks, with the 24-year-old's considerable price tag the only sticking point.
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