The writing appears to have been on the wall at the Emirates Stadium for the Frenchman for some time, with Debuchy managing just four appearance for the Gunners last season after slipping behind Hector Bellerin and Alex Oxlade-Chamberlain in boss Arsene Wenger's pecking order.
Having been left out of the squad for the summer tour of Australia and China, Arsenal have now allowed Debuchy to speak to Nice, having reportedly agreed to write off the final two years of his contract.
The 31-year-old will now undergo a medical at Nice in the next 48 hours, according to reports in France.
The north Londoners paid £10million to sign the right-back from Newcastle in 2014 but the move turned about to be a disaster. A series of injuries and the emergence of Bellerin restricted Debuchy to just 23 appearances in total.