The Gunners are understood to have agreed terms with Overmars, the former Arsenal and Barcelona winger, to come on board and give boss Arsene Wenger a much-needed boost on the transfer front.
The Dutchman won't formally take up his position until next summer but he may already be influencing some of the calls over which players to scout with PSV's Mexican winger Lozano well known to him.
Reports claim long-time Arsenal scout Steve Rowley has seen the £20million-rated winger in action at least once since he moved to the Netherlands at the start of the season.
PSV would be unlikely to stand in the player's way if a suitable bid came in and Lozano wanted to move to London.
Lozano, who has scored six goals in six Eredvisie games this term, could be viewed as a replacement for Alexis Sanchez if the Chilean leaves the Emirates in the New Year.