Eberechi Eze’s £68million release clause expires at 11:59pm on Friday, talkSPORT understands.
Arsenal are aware of the situation and have already informed Crystal Palace they have no plans to trigger it.
The clause is believed to consist of a £60million fixed fee with add-ons covering the rest.
Arsenal have already held talks with Eze, who has spoken to directly to both sporting director Andrea Berta and Mikel Arteta.
The England international is sold on a move to the Emirates Stadium and has indicated personal terms will not be an issue.
Arsenal view Eze as a no.10, but his ability to also play wide left is seen as an added strength.
The Gunners have delayed making a formal bid for the 27-year-old as they assess their attacking needs.
Ethan Nwaneri can also play through the centre, while Noni Madueke is capable of both deputising Bukayo Saka and switching sides.
Who could leave Arsenal this summer?
It is possible an outgoing is needed prior to Arsenal making a bid for Eze.
Arsenal have told suitors including Al Nassr that Gabriel Martinelli is not for sale.
Leandro Trossard also began talks with the club over a new contract, but nothing is signed yet.
As for Eze, initial talks between Arsenal and Palace have already taken place.
Bayern Munich have also enquired about the former QPR star.
The removal of Eze’s clause is not likely to change Arsenal’s approach as they have always intended to offer less.
Palace are understood to want at least £35m in a lump sum as part of any deal and a total package similar to the clause.
Arsenal value Eze at under £60million and are hoping to pay a similar package to the £55million paid by Newcastle to Nottingham Forest for Anthony Elanga.
The playmaker only has two years left on his current contract leading Arsenal to believe his current club’s asking price could drop as the window winds down.
Palace are also braced for offers for captain Marc Guehi with Liverpool considering a bid should the price drop below £40million.
Guehi has told the Eagles he won’t sign a new deal and the Eagles don’t want to lose him on a free.
However, the defender is prepared to run down his contract to ensure he is playing week-in week-out ahead of the World Cup, adding an extra layer of complication to any potential exit.
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