The Mirror says Arsenal and Bayer have settled on terms for the Paraguay international.
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The Gunners have settled on a loan deal with Bayer that includes an option to buy the Ecuador international for £45m.
Hincapie, 23, gave an emotional farewell to Bayer fans last weekend.
While he had a deal to 2029 with a buyout clause of €60m, Arsenal have managed to reach an agreement with Bayer for a smaller fee.