The 27-year old, who has six Italy caps to his name, spent last season on loan at Fiorentina where he made 32 Serie A appearances, having joined from Inter Milan in 2012.
Viviano has previously been reported to have attracted the interest of the North London club and Palermo president Maurizio Zamparini admitted that he will be heading for the Premier League.
"Stefano Sorrentino and Samir Ujkani will be our goalkeepers this season," he told Stadio News 24.
"We haven't received any offers for them, whereas Viviano will go to Arsenal."
Arsene Wenger's side are currently in talks with Real Madrid midfielder Mesut Ozil, while Chelsea striker Demba Ba has also been linked with a move to Emirates Stadium.