Perez has found first-team football hard to come by since joining the north Londoners two years ago from Deportivo La Coruna for £17million.
Reports of West Ham's interest in Arsenal outcast Lucas Perez first arose yesterday and things have progressed significantly in the past 24 hours, with a deal now on the verge of completion as we enter the final days of the window.
Perez, who joined the Gunners from Deportivo for £17.1m in 2016, would be West Ham's ninth signing since Manuel Pellegrini was named manager in May.
"I know that West Ham want him and they have made an offer", Lovelle told ESPN FC.
The 29-year-old has endured a hard spell at Arsenal, spending last year on loan at Deportivo after struggling for football in his first season at the club.More news: Nail-biting moment giant great white SHARK leaps at researcher
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West Ham have already spent big this summer, landing the likes of Felipe Anderson, Issa Diop and Andriy Yarmolenko - as well as bringing in former Arsenal midfielder Jack Wilshere on a free transfer.
West Ham, meanwhile, begin their campaign with a trip to Anfield to face Liverpool.
Perez was part of new boss Unai Emery's squad that travelled to Singapore for pre-season, although recent developments suggest his time at the Emirates could be coming to an end.
Should Perez leave Arsenal, he'll do so with a record of seven goals in 21 games.