The 29-year-old Spaniard has struggled to find a game time at the Gunners, and was shipped by to Deportivo La Coruna for a loan spell last season.
Now, West Ham want to ensure he leaves Arsenal permanently, despite competition from Italian side Lazio.
And La Gazzetta dello Sport reporter Nicolo Schira has announced that a deal will be finalised between the Premier League clubs on Monday to take Perez to the London Stadium, as reported by Sports Illustrated.
It would end a disappointing spell at the Emirates Stadium for the Spaniard, having only joined two years ago from Deportivo.
The Spaniard had scored 17 goals in La Liga in the season leading up to his £17million move, but struggled in England.
Just one goal in 11 Premier League appearances saw him fall down the pecking order at Arsenal, despite netting a hat-trick against Basel in Europe.
A loan spell at Deportivo saw a minor return to form, but Perez could not keep them in the Spanish top-flight.
He would become the second Gunner to join West Ham this summer, with Jack Wilshere becoming a Hammer after being released by Arsenal.
Chances will likely be more forthcoming under Manuel Pellegrini, with Javier Hernandez and Jordan Hugill the only senior strikers currently fit for the start of the season.
Andy Carroll is set to miss the first two months after aggravating an ankle injury during pre-season.
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