Gunners boss Arsene Wenger is woefully short on experienced central defensive options after Gabriel suffered an ankle injury against Manchester City on Sunday to join Per Mertesacker on the sidelines.
With Laurent Koscielny lacking match fitness after being given extra time off for helping France reach the Euro 2016 final, Wenger is left with Calum Chambers and new signing Rob Holding as the only recognised centre-backs for his side's Premier League opener against Liverpool on Sunday.
Mustafi has been linked with a return to England, where he previously spent three years at Everton from 2009 to 2012 before leaving for Sampdoria after failing to make a single first-team appearance in the league for the Merseysiders.
Wenger has little option but to bring in reinforcements in the final month of the transfer window, and Ali Bulut has confirmed that his client has reached an agreement with the north London club, who are in the process of negotiating a fee with Los Che.
"Shkodran and Arsenal are in agreement. Now the clubs only have to agree on a transfer fee," Bulut told Spox.
The 24-year-old centre-back was part of the Germany squad that won the 2014 World Cup in Brazil and he also featured at Euro 2016 for Joachim Low's side.