The 41-year-old will leave Paris Saint-Germain at the end of this month when his existing deal expires, but he is not yet ready to call it a day.
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Wilfried Zaha always wanted to join Arsenal and has supported the club from a young age
Buffon spent one season in Paris following 17 years at Juventus, but now looks set for a sensational return to his former club.
As it stands, the Italian World Cup-winning goalkeeper has made 640 appearances in Serie A, seven matches fewer than the legendary Maldini, who featured 647 times for AC Milan before retiring in 2009.