As noted by Luke Brown of The Independent, the Gunners are on the lookout for a new head of recruitment with their chief scout Steve Rowley set to leave the club.
The 45-year-old has been with Dortmund since 2007 and is highly regarded at the club, meaning his departure is a blow for the Bundesliga giants.
Mislintat is now under contract until 2021 at Dortmund, meaning the Gunners will have to spend in order to get their man.
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Reports emerged last week that Arsenal were in talks with Mislintat - the man who made his name by unearthing Shinji Kagawa - and a deal now appears to have been wrapped up.
According to SportBild (h/t Andy Ha of Football.London), the Gunners will part with a six-figure amount to bring Mislintat to the Emirates Stadium, with the acquisition potentially to be announced next week.
Mislintat's stock is high after he identified a number of key players for Dortmund and Arsenal want to tap into his knowledge and eye for talent.
Arsenal CEO Ivan Gazidis is particularly keen to make changes behind the scenes, while the club's recently departed chief transfer negotiator Dick Law is likely to be replaced by a sporting director; Mislintat's Dortmund colleague Michael Zorc has been linked.