The Gunners have been locked in talks with Sampdoria for a number of weeks, but Uruguay's exit from the World Cup is understood to have accelerated the deal.
A £25m fee has been agreed between the two parties, and the 22-year-old has now confirmed that he is heading to London to undergo a medical ahead of completing the switch.
"I would have been very happy to be able to return to Uruguay with my teammates, but this is a fantastic opportunity (to join Arsenal) and I do not want to waste it," Torreira told Telenoche.
Torreira is expected to become Arsenal's fourth signing of the summer following the arrivals of Bernd Leno, Stephan Lichtsteiner and Soktratis Papasthathopoulous.
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