Hamill, 15, will officially join the club on July 1 as he will leave St Johnstone.
The Scottish Sun claimed that he caught the eye of former Gunner Jack Wilshere before he then left for Norwich City in October.
Callan even starred for Scotland's Under-16s on Wednesday as he netted his first international goal in the win over Cyprus.
The Gunners have agreed a deal to sign Scottish wonderkid Callan Hamill.
Hamill opted to extend his stay at St Johnstone and committed himself to a one-year contract.