The Mexican left the Emirates Stadium in summer 2011 for €2m after struggling for opportunities under Arsene Wenger – with the Gunners including a €3m clause which allowed them to bring the player back to North London.
The 25-year-old striker has been a sensation in La Liga this season, scoring 15 goals and grabbing 12 assists in 34 starting appearances.
Atletico Madrid were reportedly considering meeting his €30m release clause to replace Diego Costa, but it looks as though Arsenal have beaten Diego Simeone's side and a number of other interested parties.
Vela could operate both as a striker and on the flank, providing Wenger with good cover for Olivier Giroud and Lukas Podolski.
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