Lokonga is set to join Sevilla for the upcoming season, with the option to make the move permanent next summer for around £10million.
If the Spanish club choose to take up that option, Arsenal will retain a 25 per cent sell-on clause to bank more money should Lokonga move again.
The 24-year-old’s current contract is due to expire next summer, but contains the option for it to be extended by a further 12 months.
The Belgian made a steady start to life at Emirates Stadium, but slipped down the pecking order recently and spent last season on loan at Luton.
The Hatters were keen to keep Lokonga, but their interest faded following their relegation from the Premier League.
