The Emirates Stadium outfit – who are reportedly expected to confirm the signing of Real Madrid midfielder Mesut Ozil on Monday – have sealed the transfer of the 27-year-old on a season-long loan deal.
A brief statement on Palermo's website partly read: "The goalkeeper Emiliano Viviano was sold to Arsenal on loan with the right of redemption."
Arsenal are reported to have paid a £1million fee for the loan, with the Premier League club having the option of making the deal permanent.
The Italian goalkeeper – who spent last season on loan at Fiorentina – joined Palermo from Inter in 2012.
Viviano, who has been capped by his country, will offer competition to the likes of Wojciech Szczesny and Lukasz Fabianski at Arsenal.
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