The Gunners have been looking for a new Under-23 manager since Steve Bould left the club at the end of last season.
They have been profiling a number of coaches but eventually moved in to hold talks with England Under-18s boss Betsy.
The talks have been ongoing for a week or so and he quickly emerged as the favourite to take up the role at the north London club.
And the negotiations are now over and Arsenal are on the verge of anointing him as their new Under-23 manager.
The Gunners are convinced that they have got their man and only an announcement is now missing from the club.
Betsy will leave his role as the England Under-18s boss to take charge of the Arsenal reserve side.
A former midfielder, he started his coaching career with the England Under-16 side in 2016.
He moved up the ranks in the England set-up and finally took charge of the Under-18 side in September last year.
