The 25-year-old has been the subject of much speculation throughout this summer as he is now deemed surplus to requirements at Arsenal by head coach Mikel Arteta.
Nketiah joined Arsenal's academy in 2015 and has spent his entire career with the Gunners apart from a short-term loan spell at Leeds United during the 2019-20 campaign.
The one-cap England international scored 46 goals in 60 appearances at youth level for Arsenal and has since found the net 38 times in 168 first-team matches across all competitions, winning one FA Cup and two Community Shields with the club.
Nketiah was hoping to establish himself as a first-team regular under Arteta last season, but he only started 10 of his 27 Premier League appearances after falling behind Kai Havertz and Gabriel Jesus in the pecking order.
The striker still has three years remaining on his contract at the Emirates Stadium, but he is keen to seek pastures new in search of regular game time and Arsenal have made it clear to interested suitors that they will not stand in his way of an exit for the right price.
Palace agree deal to sign Nketiah
Nketiah was strongly linked with a move to Marseille earlier this summer, but the Ligue 1 club were left frustrated after having several offers knocked back by Arsenal and eventually ended their interest in the striker.
Bournemouth were the next club to enter negotiations with Arsenal, but they were unable to agree a fee and eventually struck a club-record deal to sign Evanilson from Porto.
Nottingham Forest have also explored the possibility of signing Nketiah, but like Bournemouth were unwilling to meet Arsenal's asking price and have since turned their attention to other targets.
However, according to journalist Fabrizio Romano, Crystal Palace have now agreed a deal with Arsenal to sign Nketiah for £25m plus £5m in add-ons.
Romano claims that the striker has also agreed to join the Eagles and is set to undergo medical tests before finalising his permanent move to Selhurst Park.
Nketiah another Hale End prodigy to leave Arsenal
Nketiah is set to become the latest Hale End graduate to leave Arsenal this summer following the departures of Emile Smith Rowe and Charlie Patino to Fulham and Deportivo La Coruna respectively.
Arsenal have been tipped to bring in a new centre-forward this summer and the expected exit of Nketiah, as well as the recent injury sustained by Jesus, has only increased speculation heading into the final few days of the window.
If Nketiah passes his medical and completes all the necessary formalities, he will become Palace's fourth signing of the summer transfer window after Daichi Kamada, Chadi Riad and Ismaila Sarr.
Nketiah will presumably compete with Jean-Philippe Mateta for regular starts up front in Oliver Glasner's side, while the future of Odsonne Edouard is thought to be uncertain, with a return to Celtic having been mooted.
Palace finished 10th in the Premier League last season, but they sit 17th in the current standings after losing their opening two matches against Brentford and West Ham United.