Dangote has never hidden his desire to own the Premier League club which he supports.
Russian minority holder Alisher Usmanov had agreed to sell his share of the club with the Nigerian eager to capitalise.
However, according to reports, American majority shareholder Stan Kroenke has had his offer to buy the rest of Arsenal accepted in a deal worth around $2.3 billion (£1.78 billion).
Kroenke, who also owns the U.S. Denver Nuggets basketball team and the Los Angeles Rams American Football team, said in a statement to the London stock exchange that he wanted to take Arsenal private to be better able to pursue its strategy.
The move comes at a crucial time for the north London club which is embarking on life without long-time manager Arsene Wenger who stood down in April after 22 years in charge.
“We at KSE are moving forward with this offer leading to 100 per cent ownership of the club,” Kroenke said in a statement. “We appreciate Mr Usmanov’s dedication to the Arsenal Football Club and the storied ethos and history the club represents.”
Kroenke, who already owns 67 per cent of Arsenal, said he had received an irrevocable undertaking from Usmanov to sell his 30 per cent stake and would buy out the remaining independent shareholders.
The club, under new manager Unai Emery, faces a battle to return to the summit of English football as the competition among the premier league’s top six clubs has never been greater.
The new league kicks off on Friday night with Pep Guardiola’s Manchester City, Juergen Klopp’s Liverpool and Jose Mourinho’s Manchester United all expected to set the standard.