After joining the Gunners from Anderlecht in 2021, Lokonga has been unable to establish himself as part of the first-team set up at the Emirates Stadium.
The 24-year-old featured in just 24 matches in his first season in North London, before he had to settle for 15 appearances in the first half of the 2022-23 campaign.
Lokonga subsequently spent the second part of the 2022-23 season out on loan at Crystal Palace, where he was restricted to just nine Premier League appearances.
The Belgian then went on to register one goal and three assists in 17 appearances during last season's loan spell with Luton Town.
Lokonga on verge of Arsenal exit
Lokonga still remains surplus to requirements at Arsenal, and he is now set to complete another loan move away from the North London club.
According to The Athletic, the midfielder is set to undergo a medical on Friday ahead of his proposed move to Spanish side Sevilla.
The Andalusian club have reached an agreement over a season-long loan deal, with an option to sign Lokonga on a permanent deal for around €12m (£10m).
If Sevilla decide to take up the buy option, Arsenal will have a 25% sell-on clause on any future transfer involving Lokonga.
The report claims that Lokonga's desire to join Sevilla has taken priority over a superior offer that was made by Italian club Fiorentina.
Will Lokonga gain regular playing time at Sevilla?
With Lokonga set to complete a third loan move, he has the opportunity to find a settled home in Sevilla if he can convince the club to activate their purchase clause.
The Arsenal man should get the chance to gain regular playing time, with Sevilla currently light of options in the middle of the park.
As it stands, new Sevilla boss Garcia Pimienta can only call upon Djibril Sow and Joan Jordan as his central midfield options, with Thomas Delaney likely to leave the club ahead of the 2024-25 campaign.
However, there is a possibility that Lokonga could face further competition as Sevilla are expected to make further midfield additions this summer.