Arsenal says the 21-year-old Asano will join the Premier League once he has undertaken a medical examination and the regulatory processes are completed.
Given Asano has only played five times for Japan’s national team, there could be an initial challenge gaining a British work permit.
Arsenal manager Arsene Wenger says Asano is ”very much one for the future” and ”we look forward to him developing over the next couple of years.”
Arsenal last season finished 10 points behind champion Leicester, which announced the signing of French midfielder Nampalys Mendy on Sunday.
The 24-year-old Mendy joined from Nice on a four-year deal to become Leicester’s third offseason signing.