Nwakali flew to London last month to thrash out a deal with the Gunners after a £3million fee was agreed with Diamond Football Academy.
And now his representative has confirmed the transfer is signed and sealed.
‘Kelechi has signed a five-year deal with Arsenal,’ he told Sports Day.
‘I won’t be able to mention the exact transfer fee but it is above £2m.’
A talented midfielder in the mould of Patrick Vieira, Nwakali will begin his career this summer when he turns 18.