Hayden has featured for Arsenal at U21 level in recent seasons but has not been able to force his way into the first-team picture.
“It’s exactly what I need at this stage of my career,” Hayden told the club’s official website.
“This club is an ambitious one, so to be part of this is a great opportunity. It’s a chance for me to prove myself.”
Akpom, who has made nine competitive appearances for the Arsenal first-team, is also in talks with Steve Bruce’s side.
He impressed when scoring a hat-trick against a Singapore Select XI during Arsenal’s pre-season tour of the Far East.