According to Wayne Veysey of Goal.com, the club made a £22 million bid for the 25-year-old midfielder:
The Gunners have activated the release clause in the Everton midfielder's contract and are confident of wrapping up a deal for the 25-year-old in the coming weeks.
It is believed that Fellaini's buy-out clause is £22m for a top-four club, and £24m for a club that finishes outside the Champions League places.
This gives Arsenal a nice advantage over some of the competition in the EPL after finishing in fourth place this season. The club will need to continue improving, however, if they want to compete in Champions League in future seasons.
That is exactly where Fellaini comes in after a good season with Everton. The Belgium national finished the year with 11 goals and five assists in league play while displaying great vision and passing ability.
He has also been a key player for his national team as Belgium continues to make a push for the 2014 World Cup.
Although Everton did not have too many scoring threats on the roster, he continued to impress throughout the year. With more help around him, the midfielder has a chance to be one of the better offensive players in the EPL.
If completed, would this be a good acquisition for Arsenal?
Of course, the secret is out on the talented player and Arsenal are not the only squad attempting to acquire his services. Massimo Marioni of Metro Sport recently reported that Fellaini could be on his way to Manchester United instead.
Still, Arsenal made the first formal move for the star, who would give the club a big advantage heading into next season.
The Gunners surprised many by remaining in the top four in the league table despite losing Robin van Persie last summer.
Adding an experienced, yet still-improving player like Fellaini will help the club continue their climb back into contention for the league title.
Rob Goldberg is a member of Bleacher Report's Breaking News Team. Follow him on Twitter for the latest updates.