Newcastle and Arsenal have reached an agreement to purchase the 21-year-old midfielder for a sum in excess of £20 million.
Willock's representatives have been in talks with Newcastle regarding personal terms, and he is said to be trying to become one of the club's highest earners.
After completing his move to St. James' Park, the midfielder will sign a six-year contract with Newcastle.
He will fly to Newcastle today and get a medical on Friday morning before committing to the club on a permanent basis.
Willock enjoyed a fantastic loan spell with Newcastle United last season, and was a key factor in the club's Premier League survival.
Steve Bruce has been after him all summer, and the Newcastle manager is on the verge of making his first signing of the transfer season.
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