According to reports, the Spaniard said his farewells to the staff at Manchester City on Thursday morning.
Seven-Figure compensation payment will be made in order for the move to be completed.
Interim boss Freddie Ljungberg is expected to take charge of the team for the final time at Goodison Park on Saturday, with Arteta watching from the stands.
The Spaniard is set to take charge of a team languishing in 14th position on the table
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