The Gunners have agreed a £10.6million fee with the German outfit, while personal terms believed to be worth around £100,000 a week have also been hammered out with the player, who has agreed a four-year deal.
Arsenal had hoped to announce the signing this week but understand Cologne's situation and are happy to wait before going public on the transfer, which Arsene Wenger hopes will be the first of many.
The German side were due to hold a press conference this week to allow Podolski to say goodbye to the fans but following a 6-1 hammering against Borussia Dortmund at the weekend that was put on hold.
Podolski's arrival will be confirmed before the end of the season but of course he will not be available until next season when Arsenal finally hope to end their silverware drought.
Wenger has a wish list as long as his arm and it will be a busy summer for the Frenchman as he attempts to build a squad capable of challenging for honours.