The 20-year-old spent the first half of the 2022-23 campaign with UD Ibiza but was recalled to Mikel Arteta's side after making 11 appearances for the Spanish second-tier club in all competitions.
Azeez started seven LaLiga2 games for Ibiza, but he did not earn any minutes in three successive matches before his season-long loan was terminated early.
Now, the former England Under-20 international will spend the next few months in the Championship with the Latics, who are managed by Arsenal Invincible Kolo Toure.
Azeez, who will also reunite with former Arsenal Under-23s head coach and current Latics assistant Kevin Betsy, told wiganathletic.com: "I'm really happy to be here.
"It's a real honour, and I thank both Wigan and Arsenal for getting this deal over the line. I'm looking forward to playing and helping the team. It's a big step up, and I'm ready to give my all for the team and the fans, and prove myself.
"I've been at Arsenal since the age of five, and I've learned a lot throughout the years, playing with different coaches and players. They've treated me really well and now I'm looking for experience to hopefully grow as a person and player."
Azeez made his debut for Arsenal in a 4-2 Europa League win away to Dundalk in 2020 - his only senior appearance for the Premier League leaders so far.