The 31-year-old Israeli posted on Twitter on Monday that he is on the verge of leaving Stamford Bridge.
Arsenal are looking to strengthen their midfield following the departures of Cesc Fabregas and Samir Nasri.
Benayoun joined Chelsea from Liverpool for £5m in July 2010 but has seen just one minute of action this season.
It has been rumoured Benayoun would be included in an offer from Chelsea for Tottenham playmaker Luka Modric.
"Negotiating with several teams... news soon," wrote Benayoun on Twitter.
Newcastle have also been linked with the Israel captain, who was restricted to 10 appearances for the club last season due to an Achilles injury, which kept him out for six months.
Benayoun spent two years at West Ham before joining Liverpool in 2007.
He scored 29 goals in 134 games for the Reds.
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