The Gunners reportedly had several bids for the central midfielder rejected during the summer, with Atleti holding out for the release clause fee.
On Monday the Premier League club finally agreed to pay the £45 million fees and the 27-year-old and his medical took place in the Spanish capital.
Reports are conflicted whether he is signing four or five-year deal, with the Guadian reporting that he will be on £250,000-a-week at Arsenal.
“I think he allows us to play different formations and he can fit in within those formations in different positions, which is a really good thing to have in a squad where, in midfield, I think we were a little bit short.”- The Gunners manager told reporters
“I have a few things in mind that I want to start to train with the team and [Partey’s signing] is going to give us more adaptability and balance in defending and attacking transitions and the way we have to set up certain structures to attack better in certain moments of the game.”
Partey is with Ghana team in Turkey preparing to play Mali and Qatar, in an international friendly on Friday and Monday respectively.