27-year-old Perez scored 17 league goals last season and was scouted several times by Arsenal, who originally opted to bid for Jamie Vardy instead. However, the Leicester striker subsequently rejected a move to the Emirates Stadium after signing a new contract with the Foxes.
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Deportivo accepted an offer of £17 million for Perez and confirmed on Thursday night that the Spaniard has been given permission to miss Friday’s match against Real Betis.
Mustafi will also follow Perez to north London after Valencia accepted an offer of £35 million for the centre-back.
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This will take Arsene Wenger’s summer spending close to £100 million following the signings of Granit Xhaka, Rob Holding, Takuma Asano and Kelechi Nwakali.
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