This is according to a statement released by the Portuguese club on Friday, June 17.
The statement read, “(Porto), under the terms of article 248 n1 of the Securities Code, hereby informs the market that it has reached an agreement with Arsenal FC for the assignment, on a definitive basis, of the sports registration rights of professional football player Fabio Vieira for 40M (forty million euros), of which 5M (five million euros) are dependent on the achievement of sporting objectives.
“It is further informed that the final agreement is still being finalized and is expected to be implemented in the next few days.”
Arsenal will pay an initial €35 million (£30 million), with a possible €5 million (£4.26 million) in add-ons.
Vieira played 39 matches for Porto this season scoring seven goals and providing 16 assists.