Brazilian club Corinthians are in talks with Arsenal over a potential deal for Willian.
The discussions taking place would be for a free transfer which would see Willian make the move back to his native country.
Arsenal are prepared to let the forward leave in order to get his wages off the club's books.
There remains work to be done to conclude a deal but it is understood all parties are hopeful an agreement can be finalised before the transfer deadline.
The 33-year-old has struggled to make an impact at The Emirates after moving across London from Chelsea last year.
Willian could be one of a number of players to depart the club before the window shuts, with Lucas Torreira close to joining Fiorentina and Crystal Palace interested in signing striker Eddie Nketiah.
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