The centre-back has just spent six months on loan at Saint Etienne from parent club Dynamo, and Arsenal have been leading a host of clubs to his signature, including Liverpool, Juventus, Chelsea, Tottenham, Sunderland Bayern Munich and Lille.
Dynamo Kiev are reportedly asking for £7.25million for the player.
Arsenal are keen to further bolster their backline following the £10m signing of French defender Laurent Koscielny, with William Gallas and Mikael Silvestre heading for the Emirates exit door.